Investing.com - European stocks closed higher Tuesday on a German parliamentary vote approving Greek aid and increased consumer sentiment in the euro zone, despite weak U.S. durable good orders.
Near the close of European trade, the EURO STOXX 50 advanced 0.28%, France's CAC 40 gained 0.44%, while Germany’s DAX added 0.57%. Meanwhile, in the U.K. the FTSE 100 eased higher by 0.18%.
German Chancellor, Angela Merkel won a parliamentary vote to provide Greek aid after the close of trading Monday.
Merkel warned policy makers that pushing Greece out of the euro zone risked “incalculable” damage.
However, Greece’s credit rating was slashed to selective default by Standard & Poors after the island nation negotiated the biggest national debt restructuring in history.
The European Central Bank will allocate cash from its long term refinancing fund tomorrow. It is expected to provide EUR470 billion of three year cash to help stabilize the euro zone.
Consumer sentiment is on the upswing in the euro zone region. An index of executive and consumer sentiment in the 17 nation group climbed for a second month in February to 94.4, beating analysts’ expectations of a gain to 94.
German consumer confidence is expected to increase to a 12 month high in March due to declining unemployment, according to GfK SE.
Meanwhile, in the U.S., durable goods orders plummeted 4%, whereas economists were expecting a 1% decline, casting a bearish aura on an otherwise stock bullish session.
However, another report showing that U.S. consumer confidence climbed to the highest level in a year during February, counteracted the bearish durable goods numbers.
In Irish news, a referendum will be held to ratify the European fiscal compact per Prime Minister Enda Kenny.
Kenny stated, “It will give the Irish people the opportunity to reaffirm Ireland’s commitment to membership of the euro.”
The National Bank of Greece gave back 6.7% on the S&P downgrades of the Mediterranean nation.
KBC advanced 4.7% after Santander agreed to buy a unit of the Belgium bank.
Provident Financial surged 6.2% after beating full year net income forecasts.
GPS unit maker, TomTom gave back 15% after projecting declining revenue and earnings per share in 2012.
Stocks are trading higher midsession in the United States with the Dow gaining 0.22%, the S&P 500 advancing 0.28% and the Nasdaq surging 0.68%
Investors are awaiting U.S. fourth quarter GDP, French consumer spending and German unemployment change, combined with the ECB starting its second refinancing program on Wednesday.
Near the close of European trade, the EURO STOXX 50 advanced 0.28%, France's CAC 40 gained 0.44%, while Germany’s DAX added 0.57%. Meanwhile, in the U.K. the FTSE 100 eased higher by 0.18%.
German Chancellor, Angela Merkel won a parliamentary vote to provide Greek aid after the close of trading Monday.
Merkel warned policy makers that pushing Greece out of the euro zone risked “incalculable” damage.
However, Greece’s credit rating was slashed to selective default by Standard & Poors after the island nation negotiated the biggest national debt restructuring in history.
The European Central Bank will allocate cash from its long term refinancing fund tomorrow. It is expected to provide EUR470 billion of three year cash to help stabilize the euro zone.
Consumer sentiment is on the upswing in the euro zone region. An index of executive and consumer sentiment in the 17 nation group climbed for a second month in February to 94.4, beating analysts’ expectations of a gain to 94.
German consumer confidence is expected to increase to a 12 month high in March due to declining unemployment, according to GfK SE.
Meanwhile, in the U.S., durable goods orders plummeted 4%, whereas economists were expecting a 1% decline, casting a bearish aura on an otherwise stock bullish session.
However, another report showing that U.S. consumer confidence climbed to the highest level in a year during February, counteracted the bearish durable goods numbers.
In Irish news, a referendum will be held to ratify the European fiscal compact per Prime Minister Enda Kenny.
Kenny stated, “It will give the Irish people the opportunity to reaffirm Ireland’s commitment to membership of the euro.”
The National Bank of Greece gave back 6.7% on the S&P downgrades of the Mediterranean nation.
KBC advanced 4.7% after Santander agreed to buy a unit of the Belgium bank.
Provident Financial surged 6.2% after beating full year net income forecasts.
GPS unit maker, TomTom gave back 15% after projecting declining revenue and earnings per share in 2012.
Stocks are trading higher midsession in the United States with the Dow gaining 0.22%, the S&P 500 advancing 0.28% and the Nasdaq surging 0.68%
Investors are awaiting U.S. fourth quarter GDP, French consumer spending and German unemployment change, combined with the ECB starting its second refinancing program on Wednesday.