The German market is moderately higher in afternoon trading Tuesday, after second-quarter growth figures from the largest eurozone economy as well as France topped expectations. Asian stocks ended higher after the minutes of Bank of Japan's July 11-12 meeting showed that policy members are prepared to expand monetary stimulus to boost the economy.
The German gross domestic product rose 0.3 percent quarter-on-quarter in the second quarter, while expectations were for a 0.2 percent growth. Positive contributions came mainly from final consumption expenditure and net trade.
The French statistical office Insee said its GDP recorded no growth in the second quarter, as was the case in the past two quarters. Economists had forecast a 0.1 percent contraction.
Meanwhile, the Eurozone economy contracted in the second quarter as expected by economists, flash estimate from Eurostat showed.
The Euro Stoxx 50 index of eurozone bluechip stocks is adding 0.76 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, is gaining 0.60 percent.
The DAX index is currently adding 0.81 percent.
Merck KgAa, which lifted full year outlook, is climbing 4.1 percent.
Commerzbank and Deutsche Bank are moderately rising.
Automakers are in positive territory.
HeidelbergCement and ThyssenKrupp are notably lower.
Salzgitter is advancing 1.8 percent as sales grew better-than expected in the second quarter, although the steel maker slipped to a loss.
Hochtief is falling 2 percent. The construction firm reported a loss for the second quarter.
RWE said its first-half net earnings remained almost flat with last year, as revenues were hurt by lower electricity and gas sales volume. The company also decided to prune about 2,400 positions globally as part of its cost saving initiatives. The stock is down 0.4 percent.
E.ON is flat. Commerzbank cut the stock to "Hold" from "Buy."
Kabel Deutschland is losing 1.7 percent after reporting first-quarter results.
Elsewhere in Europe, the French CAC 40 is advancing 0.43 percent and the UK's FTSE 100 is climbing 0.48 percent. Switzerland's SMI is rising 0.41 percent.
Across Asia/Pacific, Australia's All Ordinaries rose 0.2 percent and China's Shanghai Composite Index gained 0.3 percent. Hong Kong's Hang Seng climbed 1.1 percent and Japan's Nikkei 225 advanced 0.5 percent.
In the U.S., futures point to a higher open on Wall Street. In the previous session, the major averages finished the day mixed. While the Nasdaq edged up 0.1 percent, the Dow fell 0.3 percent and the S&P 500 dipped 0.1 percent.
In the commodity space, crude for September delivery is adding $0.31 to $93.04 per barrel and December gold is rising $1.7 to $1614.3 a troy ounce.
by RTT Staff Writer
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