European stocks mostly higher despite global tensions; Dax down 0.16%

European stocks were mostly higher on Monday, although concerns over geopolitical tensions in the Middle East and Ukraine continued to dominate market attention.During European morning trade, the DJ Euro Stoxx 50 edged up 0.06%, France’s CAC 40 rose 0.23%, while Germany’s DAX fell 0.16%.

                            

In Gaza, fighting slightly subsided on Sunday after Hamas Islamist militants said they backed a 24-hour humanitarian truce in light of the Muslim holiday Eid al-Fitr.Meanwhile, the European Union agreed to impose economic sanctions against Russia for its role in the Ukraine crisis. Moscow reacted to the sanctions by warning that they would hamper cooperation on global security issues.

Financial stocks were mixed, as BNP Paribas (PARIS:BNPP) gained 0.40% and Societe Generale (PARIS:SOGN) slipped 0.19% in France, while Germany's Deutsche Bank (XETRA:DBKGn) declined 0.82%.Among peripheral lenders, Italy's Intesa Sanpaolo (MILAN:ISP) and Unicredit (MILAN:CRDI) added 0.04% and 0.21% respectively, while Spanish banks Banco Santander (MADRID:SAN) and BBVA (MADRID:BBVA) fell 0.09% and 0.30%.

Elsewhere, Danone (PARIS:DANO) rallied 1.98% amid reports the French consumer products maker is in talks with Hospira as a potential buyer for a medical nutrition unit.On the downside, Wincor Nixdorf (XETRA:WING) saw shares plunge 9.74% after the maker of automated teller machines posted third-quarter revenue that misses analysts' estimates.In London, FTSE 100 inched up 0.05%, led by Reckitt Benckiser, up 2.81%, after the company said it plans to spin off its pharmaceutical business.

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Dollar remains broadly supported by U.S. jobless data

The dollar remained broadly higher against the other major currencies on Friday, as Thursday's upbeat U.S. jobless claims data continued to support demand for the greenback.The U.S. Department of Labor reported on Thursday that the number of individuals filing for initial jobless benefits in the week ending July 19 declined by 19,000 to an more than eight-year low of 284,000, from the previous week’s total of 303,000.

The data fuelled speculation over the timing of a possible rate hike by the Federal Reserve.EUR/USD remained near six-month lows at 1.3449.The Ifo Institute for Economic Research earlier reported that its German business climate index fell to a nine-month low of 108.0 this month, from a reading of 109.7 in June. Analysts had expected the index to tick down to 109.4 in July.



A separate report showed that the Gfk German consumer climate index rose to a seven-and-a-half year high of 9.0 this month, from a reading of 8.9 in June. Analysts had expected the index to remain unchanged in July.

Elsewhere, the dollar was higher against the yen and the Swiss france, with USD/JPY up 0.10% to 101.91 and with USD/CHF adding 0.14% to 0.9038.In Japan, official data earlier showed that consumer price inflation rose 3.6% in June from a year earlier, after a 3.7% gain the previous month.

Excluding fresh food, Japan CPI rose 3.3% in June from a year earlier, in line with expectations, after a 3.4% increase in May.Sterling held steady, near one-month lows with GBP/USD at 1.6975 even as U.K. economic growth data came out in line with expectations.

Preliminary data showed that U.K. gross domestic product rose 0.8% in the second quarter, in line with market expectations.The New Zealand dollar was lower, with NZD/USD down 0.27% to 0.8550 after data showed that the ANZ business confidence index fell to 39.7 this month, from a reading of 42.8 in June.

http://www.investing.com/news/forex-news/dollar-remains-broadly-supported-by-u.s.-jobless-data-297942

Gold gains as a investors seek safe harbor from geopolitical woes

Gold prices rose on Monday on demand from investors seeking safe harbor from geopolitical tensions in Ukraine and in Gaza, especially after the U.S. put pressure on Russia to disclose what it knows about the downing of a Malaysian Airlines plane last week.

On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at 1,314.60 a troy ounce during U.S. trading, up 0.40%, up from a session low of $1,308.00 and off a high of $1,319.00.




The August contract settled down 0.57% at $1,309.40 on Friday.Futures were likely to find support at $1,292.60 a troy ounce, last Tuesday's low, and resistance at $1,325.90, last Thursday's high.Concerns that tensions in Ukraine could escalate even further kept investors camped out in safe-haven positions on Monday, gold especially, amid reports that Ukrainian troops were moving in to the rebel-held city of Donetsk only days after pro-Russian separatists allegedly shot down a Malaysian Airlines flight with a missile.

Meanwhile in the Middle East, Israel pressed on with its ground offensive in Gaza in a conflict that has killed hundreds.Earlier Monday, U.S. President Barack Obama said he was concerned about the violence and called for a ceasefire in Gaza.

President Obama also accused pro-Russian separatists of tampering with evidence pointing to the cause for the Malaysian Airlines crash, adding that the burden lies on Russia to disclose evidence.

http://www.investing.com/news/commodities-news/gold-gains-as-a-investors-seek-safe-harbor-from-geopolitical-woes-296518