European Bourses Tracking Lower Midday on Omicron Outlook

European bourses were sinking midday Thursday as traders weighed uncertain continental and global economic outlooks given the spreading omicron variant of the COVID-19 virus. Tech issues were sliding lower.

Market denizens also weighed a Wall Street futures market flashing green, but lower closes overnight on Asian exchanges.

Industrial producer prices in the 19-member Eurozone rose by 21.9% in October year-over-year, and were up by 21.7% in the entire 27-member European Union (EU27), Eurostat reported. Energy prices rose by nearly 60% in the 12-month period.

The pan-continental Stoxx Europe 600 Index was off 1.1% mid-session.

The Stoxx Europe 600 Technology Index was off 3.1% and the Stoxx 600 Banks Index was off 0.4%. The Stoxx Europe Oil and Gas Index was flat.

The Stoxx Europe Food and Beverage Index was off 0.4%, the REITE, a European REIT index, was off 0.7%, and the Stoxx Europe 600 Insurance Index was off 0.7%.

In national market indices, the German DAX fell 1.2%, the FTSE 100 Index in London was off 0.7%, and the CAC 40 in Paris was off 1.0%. Spain's IBEX 35 declined by 1.4%.

Yields on benchmark 10-year German bonds were more negative, at minus 0.35%.

Front-month Brent crude oil futures were 1.5% higher at $69.91 per barrel.

The Euro Stoxx 50 volatility index was up 10.6% at 28.78, 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 expectations for calmer markets.