Most Stocks in Europe were seen advancing on Tuesday, ending the two-day losing streak from its previous sessions. As relatively high volatility were seen due to the uncertainty over the US Federal Reserve (Fed) stimulus tapering.
The Future of the US central bank’s $85 billion monthly bond-buying program is still uncertain, as investors were shocked by the Fed’s ‘no-tapering’ surprising decision. On Monday, Fed policymakers gave speeches on the tapering of the US stimulus program, which stirred a debate over the possibilities of the Fed scaling-back on its bond-buying program as early as October.
On Monday, stocks in Europe dropped for a second straight session, as the trader sentiment remained unchanged, even with the flash manufacturing and service Purchasing Managers index (PMI) releases from France, Germany and the eurozone as a whole.
The European Euro stoxx 50 edged 0.19% higher at 2,912.08 points at the market open, while the Germany’s DAX futures advanced 0.15% to 8,647.14 points at the same time. Futures for the French CAC 40 gained 0.22% at 4,181.15 and the UK FTSE 100 futures rose 0.09% to 6,563.07 points.
Over the weekend, the Greek government opened talks with its creditors over a third bailout worth around €10 billion. Negotiators are discussing whether 2014 and 2015 will be enough to close the fiscal gap in the country’s budget, according to reports from EU observer.
While in Turkey, the country is not likely to join the EU, according to the country’s Europe minister Egemen Bagis.
In Italy, the country’s finance minister Fabrizio Saccomanni announced he would step down if the coalition government breaches the European Union deficit limits to support tax cuts, according to reports from the Italian newspaper Correire dela Sara.
The world’s oldest functioning bank Monte dei Paschi di Siena, was ready to approve plans as the financial institution needs the EU’s approval for a €4.1 billion bailout and to avert nationalization.
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