30 July 2013: USA Markets Open Up

July 30th, 2013
in Gary's blogging, market open, syndication

Gary is off today - and Econintersect is therefore providing the market open from our syndication partner Investing.com:

European stocks were higher on Tuesday, supported by the release of positive data out of German, while investors eyed highly anticipated policy statements by the Federal Reserve, the Bank of England and the European Central Bank later in the week.

During European morning trade, the EURO STOXX 50 climbed 0.45%, France’s CAC 40 rose 0.36%, while Germany’s DAX 30 gained 0.47%.

Follow up:

Earlier Tuesday, data showed that the Gfk German consumer climate index rose more-than-expected in July, ticking up to 7.0 from a reading of 6.8 the previous month.

Analysts had expected the index to rise to 6.9 this month.

Financial stocks were broadly lower, as French lenders BNP Paribas and Societe Generale tumbled 1.15% and 0.65%, while Germany's Deutsche Bank plunged 3.96% after saying second-quarter profit fell 49% as it set aside about EUR600 million to cover legal costs.
U.S. stocks opened higher on Tuesday, after data showed that U.S. house prices rose less-than-expected in May, as markets awaited the outcome of the Federal Reserve's two-day policy meeting.

During early U.S. trade, the Dow Jones Industrial Average rose 0.32%, the S&P 500 index added 0.30%, while the Nasdaq Composite index advanced 0.37%.

Data showed that the Standard & Poor's/Case-Shiller Composite-20 house price index rose to an annualized rate of 12.2% in May, from 12.1% the previous month, compared to expectations for an increase to 12.4%.

The data came as markets were jittery ahead of the Fed's upcoming policy meeting, after recent U.S. economic reports fuelled uncertainty over whether the central bank will soon begin to scale back its bond-buying program.

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