In Europe midday trading saw the automobile manufacturing sector and technology stocks mostly lower but the energy sector higher as crude oil prices rose.

In the automobile manufacturing sector, Volvo fell 0.7 percent even though their quarterly earnings report carried positive news. Renault was down as well, by 0.8 percent. Fiat was up, however, rising by 0.4 percent.

In technology stocks, Ericsson fell 1.9 percent, Alcatel was down 0.4 percent, and Tele2 was off by 4.9 percent on a disappointing first quarter earnings report.

In the energy sector, news of fears that summer gasoline supply in the U.S. would be tight and climbing crude oil prices sent OMV up 1.9 percent. BP advanced by 1.5 percent, and Statoil rose 1.6 percent.

Things were a little more positive in the pharmaceutical sector, as German drug maker Schering saw their shares rise 1.4 percent on news of good first quarter earnings.

All of this combined to send the European markets slightly higher despite news of slow economic growth in Germany. The FTSE Eurofirst 300 was up 0.3 percent to 1,076.08, the Xetra Dax in Frankfurt was up 0.5 percent to 4,245.76, and in Paris the CAC-40 rose 0.3 percent to 3,993.44.