By RTT News, October 15, 2013, 06:12:00 AM EDT
(RTTNews.com) - German stocks rose for the third time in four days amid signs the White House and Congress are nearing an agreement to reopen the federal government and extend the U.S. debt ceiling to avert a default.
The Asian markets ended mostly higher after Senators from both parties said that they have made strong progress toward reaching a deal that would extend the Treasury Department's borrowing authority until mid-February and ends the shutdown that has dragged on for 14 days.
Trading in the U.S. index futures point to a higher open ahead of a slew of earnings reports from companies like Citigroup, Johnson & Johnson and Coca-Cola due later in the day.
Commodities are declining, with gold prices hovering near a three-month low in London as optimism that the U.S. will avert a debt default supported the dollar.
Closer home, German Chancellor Angela Merkel'sChristian Democratic Union and the Social Democrats have agreed to hold a third round of talks on Thursday to explore the possibility of forming a new coalition government.
The benchmark German DAX is currently up 65 points or 0.75 percent at 8,789, while France's CAC 40 is rising 0.6 percent and the U.K.'s FTSE 100 is gaining 0.8 percent.
Automakers Daimler and BMW are rising 1-2 percent and Volkswagen shares are gaining half a percent after European Union environment ministers agreed to German demands to block an agreement to cap car emissions.
Deutsche Wohnen is losing 0.6 percent and GSW Immobilien is trading flat after the companies said they have concluded an agreement regarding the exchange offer made to the GSW shareholders by Deutsche Wohnen.
Evotec is rallying 2.8 percent. The biotech company said it received revenues of 4 million euros, as its research alliance with Boehringer Ingelheim reached a milestone in September.
Balda is climbing 3.3 percent after the company dismissed its CEO. Bauer is rising 4 percent on a brokerage upgrade.
Qiagen is moving down 0.3 percent after completing the first tranche of its share buyback program.
On the economic front, German import prices decreased for the eighth successive month in August, and at the fastest pace in nearly four years, latest figures released by the Federal Statistical Office showed. The import price index dropped 3.4 percent on an annual basis after falling 2.6 percent in July.
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