European Stocks May See Further Upside

(RTTNews – European stocks may edge higher on Tuesday, extending the previous session’s gains, after strong U.S. consumer spending data eased fears that the world’s largest economy was falling back into another recession.

Asian stock markets are rising across the board, with Hong Kong’s Hang Seng index leading the gains lifted by mainland banks. Brent crude futures are firm above $112 a barrel after yesterday’s U.S. consumer spending data boded well for fuel demand.

The dollar is weakening against the yen and the euro as risk appetite improved with stronger equities amid speculation the economic recovery would not falter.

Meanwhile, the International Monetary Fund has lowered its growth forecast for the U.S. and Eurozone and urged the Federal Reserve and the European Central Bank to be prepared to ease monetary policy, reports quoted Italy’s ANSA news agency as saying.

According to a draft report of the IMF’s World Economic Outlook, received by ANSA, U.S. gross domestic product this year is estimated at 1.6 percent, down from a 2. 5 percent forecast in June, while the 2012 outlook was cut to 2 percent from 2.7 percent.

The draft report, to be released in September, also forecasts Eurozone economy to grow 1.9 percent this year, slower than the 2 percent expansion predicted in June. The eurozone growth outlook for 2012 was trimmed to 1.4 percent from 1.7 percent.

Closer home, the Italian government has dropped plans to introduce a tax on high earners and scaled back the proposed cuts to local authority funding, bowing to pressure from allies and salary earnings.

In economic releases, the squeeze on Britain’s services sector has intensified after an unexpected drop in spending on accountancy, legal and marketing work, data shows. The Confederation of British Industry said that business volumes fell at the fastest rate in August since November 2009, adding to fears that the economic recovery could falter in the coming months.

In corporate news, British telecom giant Vodafone Group Plc said that it has begun talks with Largo to explore a potential business combination between Vodafone Greece and privately-owned Wind Hellas Telecommunications SA.

Australian miner Macarthur Coal has backed a revised takeover offer from Peabody Energy and ArcelorMittal.

S IMMO AG said its net income attributable to shareholders in parent for the six months ended June rose to EUR 7.3 million from EUR 6.2 million in the prior year period.

Nanogate AG said it is very likely that it would substantially exceed the sales forecast of EUR 30 million for 2011.

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