The Deal: European Stocks Struggle for Direction
LONDON (The Deal) -- European stocks struggled to find direction Tuesday, by mid-morning recovering early losses sustained after the monthly reading of a closely watched measure of German business confidence disappointed economists.
The Ifo index's business climate reading edged up in September to 107.7 from 107.6. It was the fifth consecutive monthly gain but the consensus forecast, according to a Bloomberg News survey, was for a reading of about 108.
By mid-morning, indices had recovered from that disappointment, with the DAX up 0.21%, or 18.35, at 8,653.64, and the FTSE edging 7.34, or 0.11%, higher at 6,564,71.
In Italy, shares in Telecom Italia rose after Spain's Telefónica agreed to lift its indirect stake in a multi-faceted agreement that paves an exit path for Telefónica's Italian partners in the Telco SpA shareholder consortium. Telecom Italia stock rose 2.6% to €0.6055 (82 cents).European markets will likely take late-afternoon direction from the Conference Board's consumer-confidence index, out at 10 a.m. EDT. In Japan, the Nikkei closed marginally lower as a rising yen worried investors in exporters. It slipped 9.81, or 0.07%, to 14,732.61, with Hino Motors and Mitsubishi Heavy Industries among the main losers. In Hong Kong, the Hang Seng closed down 0.82%, or 192.50, at 23,179.04.
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