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European stocks hold gains after German Ifo data; Dax up 0.29%

Published 09/24/2013, 07:30 AM
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Investing.com - European stocks remained higher on Tuesday, after data showed that German business confidence improved less-than-expected in September, but still rose to the highest level since March 2012.

During European afternoon trade, the EURO STOXX 50 advanced 0.47%, France’s CAC 40 gained 0.65%, while Germany’s DAX 30 rose 0.29%.

The German Ifo business climate index ticked up to 107.7 from 107.6 in August, but came in below expectations for a reading of 108.2.

European equities found support after European Central Bank President Mario Draghi on Monday said the ECB is ready to inject a third round of liquidity into the region’s banks if needed, in order to safeguard the bloc’s recovery.

In the U.S., New York Fed President William Dudley defended the central bank’s decision to keep its stimulus program unchanged last week, in comments on Monday.

Financial stocks remained mixed, as BNP Paribas rose 0.08% and Societe Generale slid 0.65% in France, while Germany's Deutsche Bank added 0.20%.

Peripheral lenders, however, turned broadly higher as Spanish banks Banco Santander and BBVA gained 0.30% and 0.40% respectively, while Italy's Intesa Sanpaolo and Unicredit advanced 0.59% and 0.66%.

Elsewhere, Telecom Italia rallied 1.95% after Telefonica agreed to pay EUR324 million to increase its stake in Telco SpA, a holding company that owns 22.4% of Telecom Italia, to 66% from 46%.

In London, FTSE 100 added 0.23%, still supported by gains in the financial sector.

Shares in the Royal Bank of Scotland rose 0.27% and HSBC Holdings eased up 0.09%, while Barclays jumped 1.42% and Lloyds Banking gained 0.33%.

Meanwhile, mining stocks remained broadly lower. Glencore Xstrata slipped 0.09% and Evraz lost 1.80%, while Randgold Resources and Fresnillo plummeted 2.23% and 3.21% respectively.

In the U.S., equity markets pointed to a mixed open. The Dow Jones Industrial Average futures pointed to a 0.05% gain, S&P 500 futures signaled a 0.02% dip, while the Nasdaq 100 futures indicated a 0.16% increase.

Later in the day, the U.S. was to release private sector data on house price inflation, as well as a report on consumer confidence.


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