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Stock indices traded higher, recovering losses. In the morning trading session, stocks were declined due to concerns over Portugal's second largest commercial bank. The parent company (Espirito Santo Financial Group) of Portugal's bank, Banco Espirito Santo SA, reported it didn't make the payments on short-term paper. Investors had concerns over of the banking sectors in Portugal as well as in Spain and Italy.
But now investors calmed down. They don't believe that financial troubles of Banco Espirito Santo SA may lead into banking crisis in the Eurozone.
The German consumer price index increased 0.3% in June, in line with expectations, after a 0.3% gain in May. On a yearly basis, the consumer price index in Germany rose 1.0% in June, in line with expectations, after a 0.9% increase in May.
Indexes on the close:
Name Price Change Change %
FTSE 100 6,677.08 +4.71 +0.07%
DAX 9,666.34 +7.21 +0.07%
CAC 40 4,316.5 +15.24 +0.35%
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