Tech Shares, Earnings Gird European Bourses Midday

European bourses tracked modestly higher midday Wednesday as strength in the tech sector balanced inflation concerns and several solid earnings reports aided sentiments.

Tech issues led gainers, while bank and property shares lagged.

Trading-floor denizens also eyed Wall Street futures flashing red, and lower closes overnight on Asian exchanges on the outlook for higher interest rates from major central banks.

Eurozone seasonally adjusted industrial production declined 1.1% in December from November, and fell 0.4% in the broader European Union EEU, reported Eurostat. From a year earlier, industrial output fell 1.7% in the euro area and 0.4% in the EU.

Dutch brewing giant Heineken topped earnings expectations and traded up 2.1% midday.

The pan-continental Stoxx Europe 600 Index was up 0.1% mid-session.

The Stoxx Europe 600 Technology Index was up 0.6%, but the Stoxx 600 Banks Index lost 1.6%.

The Stoxx Europe 600 Oil and Gas Index was off 0.2%, but the Stoxx 600 Europe Food and Beverage Index inclined 0.3%.

The REITE, a European REIT index, fell 0.6%, and the Stoxx Europe 600 Insurance Index fell 0.1%.

On the national market indexes, Germany's DAX was up 0.4%, and the FTSE 100 in London was flat. The CAC 40 in Paris was off 0.4%, and Spain's IBEX 35 was unchanged.

Yields on benchmark 10-year German bonds were lower, near 2.42%.

Front-month North Sea Brent crude oil futures were down 0.5% to $85.01 per barrel.

The Euro Stoxx 50 volatility index posted at 17.98, indicating below-average volatility for European stock markets in the next 30 days. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges. The volatility index was notching over the 30-marker in late September.