European Bourses Track Higher Midday as Risk-On Mood Holds

European bourses tracked higher midday Monday as traders braved inflation, geopolitics and pandemic to seek values. Oil and tech issues led gainers on the continent.

Market observers also weighed pre-bell New York futures flashing green, but choppy closes overnight on Asian exchanges.

Germany's Ifo Business Climate Index posted at 93.0 in May, up from 91.9 in April, reported the Institute for Economic Research (Ifo). The group said there are currently "no observable signs of a recession."

Ukraine's President Volodymyr Zelensky addressed the Davos World Economic Forum by video-link, appealing for support and tougher sanctions on Moscow.

The pan-continental Stoxx Europe 600 Index was up 0.7% mid-session.

The Stoxx Europe 600 Technology Index rose 1.3%, and the Stoxx 600 Banks Index inched up 0.6%.

The Stoxx Europe Oil and Gas Index rose 1.9%, and the Stoxx Europe Food and Beverage Index gained 0.5%.

The REITE, a European REIT index, rose 0.5%, while the Stoxx Europe 600 Insurance Index was up 0.6%.

On the national market indexes, Germany's DAX was up 0.7%, the FTSE 100 Index in London was up 1% and the CAC 40 in Paris was up 0.2%. Spain's IBEX 35 was up 0.7%.

Yields on benchmark 10-year German bonds were higher, to near 0.99%.

Front-month Brent crude oil futures were 1% higher at $111.10 per barrel.

The Euro Stoxx 50 volatility index fell 1.6% to 28.20, still indicating above-average volatility for European stock markets in the next 30 days, although lower than early March when the index tipped at 50. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.