Wednesday, 20 June 2012

Markets bounce after sharp fall in investor confidence

ZEW's gauge of investor confidence in Germany and the euro area fell sharply in June but investors seem to have put their pessimism behind them. European stocks gained for a third day on Tuesday while Spanish notes rose after a successful government debt sale.

Among economic reports on Tuesday, total US housing starts fell 4.8 percent in May but starts on single-family homes rose 3.2 percent. Also building permits rose 7.9 percent to the highest level since September 2008.

In the UK, a fall in the inflation rate to 2.8 percent in May from 3.0 percent in April increased the chance of more stimulus from the Bank of England.

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