Europe midday: Stocks come off their best levels of the session

European stocks are holding higher come midday, with a slate of positive economic data out of the single currency bloc.

At 1502 BST the benchmark Stoxx 600 was up by 0.17% to 391.81, alongside gains of 0.06% for Germany's Dax to 12,629.46 and gains of 0.07% in the FTSE MIbtel to 21,333.12.

The euro on the other hand had reversed direction and was drifting 0.13% lower against the US dollar to 1.1223, alongside a dip in front month Brent crude oil futures of 0.07% to $53.83 a barrel on the ICE.

"Equity indices are positive although traders are in an understandably sombre mood after an overnight terror event. Eurozone PMI data has been largely supportive, although optimism towards OPEC has faded, the usual conflicting comments emerging in the run-up to what markets hope will be a production cut extension, perhaps even a deepening of cuts," said Mike van Dulken, head of research at Accendo Markets.

Markit's euro area purchasing managers' index for May was unchanged at 56.8 (consensus: 56.7).

More significantly, the IFO institute's business confidence index for Germany in the month of May surged from a reading of 113.0 in the month before to 114.6.

That was far in excess of economists' forecasts calling for a reading of 113.1, with the IFO institute itself describing the mood among German businessmen as "euphoric".

French household equipment manufacturer SEB sold €500.0m of seven-year debt the day before, the company announced.

JP Morgan upped its stake in Telecom Italia to a shade below 5%.