Wednesday, 28 August 2013

Economic data positive, stocks fall

Economic data on Tuesday were positive.

US home prices continued to climb in June despite higher mortgage rates. Prices rose 12.1 percent from a year ago in June, slightly down from the previous month's 12.2 percent gain, according to the S&P/Case-Shiller composite index of 20 metropolitan areas. On a seasonally adjusted basis, home prices rose 0.9 percent.

Meanwhile, US consumer confidence has also been rising. The Conference Board's consumer confidence index rose to 81.5 in August from 81.0 in July.

In Germany, the Ifo business climate index rose to 107.5 in August from 106.2 in July, adding to signs that economic recovery is taking shape in Europe.

However, in the markets, the positive economic data were overshadowed by a jump in oil prices amid concern that the US will take military action against Syria. Crude oil rose 2.9 percent on Tuesday while the MSCI All-Country World Index fell 1.4 percent.

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