Market Buzz: Investors pin hopes on the Fed
Russian markets gained Monday on the back of rising oil prices. The RTS and MICEX both added 0.4%.
US stocks declined Monday after the International Monetary Fund reduced its 2013 global economic outlook to 3.9% from the 4.1% projected in April. US retail sales in June were also below market expectations, while the Empire State Manufacturing Index was stronger than anticipated. The Dow Jones lost 0.4%, the S&P 500 fell 0.2% and the NASDAQ Composite declined 0.4%.
European stock markets closed slightly higher Monday amid mixed economic data from the US and worries on global growth. The Stoxx Europe 600 added 0.2%. Meanwhile the Spanish IBEX 35 lost 2% and yields on 10-year Spanish government bonds rose to 6.76% .In Germany, the DAX 30 inched up 0.1%.
Asian stock markets moved higher Tuesday as investors anticipated announcements from the US Federal Reserve and the Chinese government. In China, Hong Kong’s Hang Seng added 1.75%, while the Shanghai Composite Index edged up 0.55%. Japanese Nikkei Stock Average was up 0.6% after a three day holiday, while the Australian S&P/ASX 200 added 1%, and South Korea’s Kospi rose 0.66%.