European Markets Finished In The Green Ahead Of Holiday

(RTTNews) - The European markets ended Tuesday's session in positive territory on a light trading day. A number of markets were closed today, including those in Germany, Italy and Switzerland. The French and British markets also closed early ahead of Wednesday's New Year's holiday. Investors were pleased with the increase in U.S. consumer confidence, following the disappointing pending home sales report on Monday.

Latvia will join the Eurozone as the single currency bloc's eighteenth member on January 1, 2014, after more than five years since the former Soviet state plunged into an acute financial crisis in the wake of the collapse of the nation's once thriving easy credit market.

However, the reaction the euro is set to receive in Latvia is far from positive, with nearly half of the locals still against joining the crisis-hit union. Reports suggest that the initial response to the changeover is rather lukewarm as the public seemed to be either indifferent or against the membership. Polls indicate that nearly 50 percent of the people opposed the move.

Latvians fear a sudden uptick in prices after the adoption of euro, though the authorities have given repeated assurances that such arguments are unfounded.

The Euro Stoxx 50 index of eurozone bluechip stocks increased by 0.26 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, added 0.33 percent.

The CAC 40 of France climbed by 0.47 percent and the FTSE 100 of the U.K. gained 0.26 percent. The DAX of Germany and the SMI of Switzerland were both closed.

In London, Informa Plc. rose by 1.24 percent. The publishing firm confirmed that Stephen Carter will take up the role of Group Chief Executive with effect from January 1st. Carter succeeds current Chief Executive Peter Rigby, who will retire from the company.

Debenhams dropped by 10.81 percent, after the retailer warned that its 2014 first half profit will be weaker than in 2013.

Itacaré Capital Investments tumbled by 4.41 percent. The real estate firm focused on residential projects in Brazil said it entered into a sale and purchase agreement with Dominic Redfern to sell its Warapuru assets for a total consideration of $1.5 million.

SQS Software Quality Systems declined by 2.07 percent. The software firm reported the first closing of Thinksoft Global Services acquisition, subject to which it has acquired 26 percent of the currently issued share capital of Thinksoft.

Retail sales in Greece decreased further in October, but at a slower rate than in the previous month, initial estimates published by the Hellenic Statistical Authority showed Tuesday.

Retail sales volume, excluding automotive fuel, decreased 2.3 percent in October from the corresponding month of 2012, continuing the downward trend seen in recent months. In September, sales had recorded a 5.6 percent fall.

House prices in the U.K. increased slightly in November, after falling in the previous month, data from a survey conducted by Land Registry revealed Tuesday. The house price index for England and Wales edged up 0.1 percent in November from the previous month, when it recorded a 0.3 percent fall.

Home prices in major U.S. metropolitan areas rose at the strongest annual rate in over seven years in the month of October, according to a report released by Standard & Poor's on Tuesday. The report said the S&P/Case-Shiller 20-City Composite Home Price Index rose 13.6 percent in October compared to the same month a year ago.

The increase reflects a modest acceleration from the 13.3 percent growth seen in September and is the strongest rate of growth since February of 2006.

Chicago-area business activity saw a bigger than expected slowdown in the pace of growth in the month of December, according to a report released by MNI Indicators on Tuesday. The report showed that the Chicago business barometer dropped to 59.1 in December from 63.0 in November. A reading above 50 indicates an increase in activity, but economists had expected a more modest decrease to a reading of 61.3.

With sentiment regarding current conditions climbing to a five-year high, the Conference Board released a report on Tuesday showing that its U.S. consumer confidence index rebounded by more than expected in the month of December.

The Conference Board said its consumer confidence index jumped to 78.1 in December from 72.0 in November. Economists had expected the index to climb to 76.8 from the 70.4 originally reported for the previous month.