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German Market Moderately Higher

The German market is moderately higher in afternoon trading Wednesday, ahead of the budget presentation in the U.K. The Asian markets were mostly weak on growth concerns about China while the U.S. index futures are higher before a release of the monthly existing home sales data.

The U.K. Chancellor George Osborne is set to unveil the government's budget. Experts expect a budget targeting low and middle-income earning people.

The Euro Stoxx 50 index of eurozone bluechip stocks is gaining 0.10 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, is adding 0.08 percent.

The DAX index opened slightly higher and is currently advancing 0.30 percent.

Commerzbank is up 1.2 percent and Deutsche Bank is rising 0.5 percent.

Citigroup raised Daimler to its "Strategy most favored list." The stock is down 0.1 percent. Volkswagen and BMW are moderately lower.

Morgan Stanley cut Adidas to "Underweight" from "Equalweight." The stock is falling 1.5 percent.

Metro is declining 4.2 percent. HSBC cut the stock to "Underweight" from Neutral."

HSBC raised Gildemeister to "Overweight" from "Neutral."The stock is gaining 2.4 percent.

Citigroup also raised Continental to its "Strategy most favored list." The stock is moderately higher.

Brenntag said it plans to grow all relevant earnings parameters in 2012. The stock is marginally up.

Bilfinger Berger is flat after confirming its earnings outlook for 2012.

Elsewhere in Europe, the French CAC 40 is advancing 0.41 percent and the UK's FTSE 100 is gaining 0.19 percent. Switzerland's SMI is adding 0.29 percent.

Across Asia/Pacific, markets had a mixed outing. Australia's All Ordinaries lost 0.43 percent and Hong Kong's Hang Seng edged down 0.15 percent. Japan's Nikkei 225 retreated 0.55 percent. China's Shanghai Composite Index, however, added 0.06 percent.

The U.S. futures indicate a slightly higher open on Wall Street. In the previous session, the major averages climbed well off their early lows but still closed in the red. The Dow fell 0.5 percent, the Nasdaq edged down 0.1 percent and the S&P 500 slipped 0.3 percent.

Among commodities, crude for May delivery is adding $0.49 to $106.56 per barrel and April gold is rising $8.6 to $1655.6 a troy ounce.

by RTTNews Staff Writer

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