Earnings, Oil Prices Damp European Bourses Midday

07:41 AM EDT, 10/23/2026 (MT Newswires) -- European bourses tracked moderately lower midday Friday as traders digested the unfolding earnings season, and weighed still-rising global crude prices. Oil stocks led scant gains on continental trading floors, while bank and tech shares lagged. Brent crude oil futures rose 1.2% to $114.58 a barrel, in mid-session trades. On the earnings scene, Kering shares fell 12.5% midday after the French luxury goods enterprise reported Q3 sales at its iconic Gucci brand declined. Volvo Cars shares declined 27.1% midday, after the Swedish automaker reported a swing to loss in Q3, and disclosed plans to cut 2,500 jobs. Investors also eyed muted Wall Street futures, and mixed closes overnight on Asian exchanges. In economic news, the October flash Eurozone composite purchasing managers index, a combination of the continent's manufacturing and services industries, logged at 51.9 in October, down from 53.1 in September, but still struck above the 50-mark that separates growth from contraction, reported S&P Global. The pan-continental Stoxx Europe 600 Index was off 0.5% mid-session. The Stoxx Europe 600 Technology Index was down 1.2%, and the Stoxx 600 Banks Index lost 1.1%. The Stoxx Europe 600 Oil and Gas Index rose 1.9%, while the Stoxx 600 Europe Food and Beverage Index declined 0.2%. The REITE, a European REIT index, was fat. On the national market indexes, Germany's DAX was down 0.7%, and the FTSE 100 in London lost 0.5%. The CAC 40 in Paris was down 0.6%, and Spain's IBEX 35 eased 0.2%. Yields on benchmark 10-year German bonds were higher, near 3.34%. The Euro Stoxx 50 volatility index was up 10.9% to 22.64, indicating above-average volatility for European stock markets in the next 30 days, a negative signal. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.