By RTT News,
July 22, 2014, 05:56:00 AM EDT
(RTTNews.com) - German stocks rose on Tuesday as worries over ongoing tensions in Ukraine and the Gaza Strip eased and investors digested a slew of earnings reports.
Investors hunted for bargains after recent losses as Ukraine's pro-Russian rebels surrendered the flight recorder boxes of Malaysia Airlines flight MH17 and the bodies of 298 people on board when it disintegrated over militant-held territory last week.
U.S. Secretary of State John Kerry arrived in Cairo Monday night to work out a cease-fire in the 14-day-old conflict even as Israel kept up its assaults in the Gaza Strip.
The benchmark German DAX is currently up 70 points or 0.7 percent at 9,683, while France's CAC 40 is rising 0.9 percent and the U.K.'s FTSE 100 is moving up 0.8 percent.
Deutsche Bank is rising 0.7 percent and Commerzbank is up 0.4 percent. Deutsche Bank and Barclays helped more than a dozen hedge funds avoid paying taxes, according to a congressional investigation.
Automakers are posting strong gains, with Daimler, BMW and Volkswagen rising between 0.8 percent and 1.5 percent.
Rheinmetall is moving up 0.4 percent after the company announced it would set up a fourth joint venture with China's Hasco to strengthen its aluminum casting operations.
DIC Asset is adding 0.9 percent after launching its third institutional real estate fund.
AMS AG shares are declining 0.8 percent after Dialog Semiconductor Plc said it has been unable to agree suitable terms for a transaction with the sensor manufacturer regarding a possible merger of equals of the two companies.
Wind turbines maker Nordex is rallying 3.9 percent after winning three contracts for the installation of its N117/2400 and the N117/3000 turbines in Turkey, totaling 64.2 MW.
Elsewhere, the Asian markets rose broadly, with the regional benchmark index touching a three-year high, as investors shrugged off concerns about crises in Ukraine and Gaza and turned their focus to U.S. corporate earnings. The U.S. stock index futures are edging higher after stocks closed well off their intraday lows overnight.
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