Digital News Report – Stock markets in Asia and Europe are opening higher in spite of a downgrade of Italian debt by the Standard and Poor’s rating agency.
The Shanghai composite index closed up 10.58 points (0.43%) to 2,448.37 and the Hang Seng index climbed 96.85 points (0.51%) to 19,014.80. In Europe, the DAX index, which tracks the Frankfurt Stock Exchange, is up 2.17 percent.
Other indexes, including the CAC 40 (France), the FTSE 100 (England), are up over one percent. The markets are moving higher despite uncertainty surrounding the Greek sovereign debt crisis.
Many traders in the United States watch the European bank stocks. The banking sector is a barometer of investor confidence in Europe. On Tuesday Société Générale (GLE.PA) is opening lower, down 0.72 (-4.07%) to 16.97.
The share price of UBS AG (UBS) is down in the pre-market trading.
Equity futures in the United States are higher.
AutoZone, Inc. Common Stock (NYSE: AZO) closed higher on Monday. Early Tuesday, the share price is up another 0.92 percent to $331.95. There was good news in their Q4 2011 Earnings Release. Earnings were up from $5.66 a share in the last quarter to $7.18 now. That is a 27 percent increase. Net sales were up 8.1 percent.
Later today the Federal Reserve will meet to discuss policy. They are expected to announce Operation TWIST, an effort to drive long-term bonds lower.
By: Tim Edwards
Business Reporter