European bourses tracked moderately higher midday Friday as traders braced for weekend national elections in Germany and digested a strong earnings report from internet-commerce giant Alibaba (BABA).

Food and tech stocks led broad gains while oil issues lagged.

Investors also eyed Wall Street futures mildly signaling green and a 4% rise overnight in Hong Kong's Hang Seng Index after Alibaba's quarterly results topped expectations, triggering a tech-sector rally.

In economic news, the flash Eurozone composite purchasing managers index (PMI) logged at 50.2 in February, unchanged from January and still marginally above the 50-marker that separates growth from contraction, reported S&P Global.

The pan-continental Stoxx Europe 600 Index was up 0.6% mid-session.

The Stoxx Europe 600 Technology Index was up 0.9%, and the Stoxx 600 Banks Index gained 0.6%.

The Stoxx Europe 600 Oil and Gas Index was off 0.4%, and the Stoxx 600 Europe Food and Beverage Index inclined 1.6%.

The REITE, a European REIT index, rose 0.7%, and the Stoxx Europe 600 Retail Index inclined 0.7%.

On the national market indexes, Germany's DAX was up 0.3%, and the FTSE 100 in London was up 0.2%. The CAC 40 in Paris was up 0.7%, and Spain's IBEX 35 gained 0.1%.

Yields on benchmark 10-year German bonds were lower, near 2.49%.

Front-month North Sea Brent crude oil futures were down 0.9% to $75.83 per barrel.

The Euro Stoxx 50 volatility index was down 1.4% to 17.28, indicating below-average volatility for European stock markets in the next 30 days, a positive signal. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.