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European Markets settled in the green on Tuesday boosted by positive trade in the U.S markets and by the gains in the banking sector. The DAX was up 0.95% with best performers being Deutsche Bank rising 3.63% and Commerzbank increased by 2.88%. The CAC 40 grew 0.74% with Societe Generale, BNP Paribas and Credit Agricole leading the index. The FTSE 100 also added 0.66%.
Mining was also among the top gainers, with iron ore mining BHP Billiton PLC rallied around 4.4% after rating upgrade with improvements in the metals and mining industry. Anglo American Plc, Glencore, and Rio Tinto also were in positive territory with an increase of 4.9%, 2.9%, and 2.6% respectively.
On Wall Street, markets were higher as investors await the upcoming United States Federal Reserve Jackson Hole summit later this week, whilst shrugging off a second straight day of losses in crude oil prices.
Energy prices continued to trade at lower levels, eyeing the possibility of a next output freeze. Investors seem less willing to inject funds over the crude oversupply concerns. However, there still seems to be a ray of light that the major oil producing countries will come to an agreement to restrain global output. West Texas Intermediate future for October today decreased by approx. 1%, around $46.86 per barrel, whilst Brent Crude changed hands in regions of $49.40 per barrel.
Moreover, Gold Prices had a slight recovery today whilst Silver rose back above the $19 dollar mark. Precious metals were seen low at the beginning of the week after the Federal Reserve (FED) hinted at a new rate hike.
Other News
Consumer Electronics Best Buy Co. Inc. reported earnings per share of $0.56 for the second quarter ending on July 30, a rise of 22% from $0.46 per share in the comparable period a year ago. Its store sales were 0.8% higher, beating its own guidance. Online sales revenue jumped 23.7% to $835 million. However, although the domestic market grew by 0.1%, the international segment made a $6 billion loss in the said quarter. Shares price still soared around 18%.
Home Builder Persimmon PLC shares climbed 4.2% after customer interest ‘has been robust’ even after the U.K referendum Brexit vote. The Half-year tax profit rose 29% to £352.30 million pounds. The company also showed a high increase of site visitors by 20% when compared to the previous year.
Automaker Tesla announced new versions of their Model S and Model X crossover, with substantial faster acceleration and more important a longer battery life. However, after the announcement, shares in Tesla and Solar City gave up initial gains but still both stock ended slightly up at the end of the session.
Meanwhile, Volkswagen reached a deal with two of its suppliers, which had caused a production halt for the German automaker. Around 27,000 workers accused the hit by the dispute, causing production decrease in six different plants because of the seat cover and gearbox part supplies. Volkswagen shares today traded around 1.8% higher.
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