The German market is moderately higher in afternoon trading Tuesday, even as debt concerns continued to haunt investor sentiment. The Asian markets mostly fell as relief over the bailout for Spanish banks gave way to skepticism.
The Euro Stoxx 50 index of eurozone bluechip stocks is adding 0.70 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, is gaining 0.75 percent.
The DAX index is currently adding 0.80 percent.
E.ON is gaining 2.5 percent after UBS raised the stock to "Buy" from "Neutral." RWE is gaining 1.7 percent.
Societe Generale raised Deutsche Bank to "Buy" from "Hold." The stock is up around 1 percent. Peer Commerzbank is declining 1.6 percent.
HSBC initiated Deutsche Post with an "Overweight" rating. The stock is up 0.2 percent.
Daimler is notably higher while BMW and Volkswagen are moderately up.
Lufthansa is up 0.4 percent after HSBC started the stock with an "Overweight" rating.
Elsewhere in Europe, the French CAC 40 is advancing 0.50 percent and the UK's FTSE 100 is gaining 0.34 percent. Switzerland's SMI is rising 0.27 percent.
In economic news, U.K. manufacturing output dipped 0.7 percent month-on-month in April, reversing March's 0.9 percent rise, the Office for National Statistics said. The decline far exceeded economists' forecast of 0.1 percent fall.
Across Asia/Pacific, most major markets ended lower. China's Shanghai Composite Index declined 0.70 percent, Hong Kong's Hang Seng fell 0.4 percent and Japan's Nikkei 225 retreated 1 percent. However, bucking the trend, Australia's All Ordinaries added 0.2 percent as trading resumed after a holiday yesterday.
In the U.S., futures point to a higher open on Wall Street. In the previous session, stocks finished sharply lower as optimism about an aid package to Spain gave way early in the session. The Dow Jones Industrial Average declined 1.1 percent, the S&P 500 retreated 1.3 percent and the Nasdaq fell 1.7 percent.
In the commodity space, crude for July delivery is sliding $0.33 to $82.37 per barrel and August gold is falling $6.4 to $1590.4 a troy ounce.
by RTT Staff Writer
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