Asia stocks rise on Bernanke comments; Nikkei up 0.4% after BoJ

Asian stock markets were mostly higher during late Asian trade on Thursday, as sentiment was boosted after comments by Federal Reserve Chairman Ben Bernanke helped ease concerns over the possibility central bank will begin to taper its bond-buying program before the end of the year.

Markets in Japan underperformed the region after the Bank of Japan made no changes to its monetary easing policy at the conclusion of its two-day meeting.

During late Asian trade, Hong Kong's Hang Seng Index rallied 2.4%, Australia’s ASX/200 Index ended 1.3% higher, while Japan’s Nikkei 225 Index added 0.4%.

Bernanke said the Fed will continue to maintain accommodative monetary policy for the foreseeable future, citing low levels of inflation and the high unemployment rate.

The comments came after the minutes of the central bank’s June policy meeting showed that Fed policymakers remain divided over when to begin tapering its USD85 billion-a-month asset purchase program.

In Tokyo, the Nikkei fluctuated near a six-week high after the Bank of Japan made no changes to its monetary easing policy, while upgrading its view of the domestic economy.

Japan’s economy was “starting to recover moderately” and exports “have been picking up,” the BoJ said in its statement. 

Most exporters came under pressure as the yen strengthened by 1% against the U.S. dollar, dampening the outlook for export earnings. 

USD/JPY fell to hit a session low of 98.25, moving off the previous session’s high of 101.18. A stronger yen reduces the value of overseas income at Japanese companies when repatriated, dampening the outlook for export earnings.

Meanwhile, in Australia, the benchmark ASX/200 Index ended at the highest level in six weeks following the release of stronger-than-expected employment data.

A government report released earlier showed that the economy added 10,300 jobs in June, defying expectations for a decline of 2,500. The nation’s unemployment rate rose unexpectedly to 5.7% last month from 5.6% in May.

The big four banks were mostly higher, with National Australia Bank rising 1.8%, while ANZ Banking Group and Westpac Banking Group advanced 1.2% and 1.6%. Commonwealth Bank of Australia tacked on 1.5%. 

Miners advanced on the back of rising metal prices. Rio Tinto and BHP Billiton jumped 3.7% and 3.2% respectively, while Fortescue Metals Group saw shares gain 2.7%.

Gold miners Newcrest Mining and Medusa Mining surged 11.5% and 21.6% respectively.

Elsewhere, in Hong Kong, the Hang Seng rallied amid growing expectations the People’s Bank of China will introduce fresh easing measures to boost growth following the release of dismal trade data on Wednesday.

The China banking sector were among the biggest gainers on the index, with China Construction Bank shares rising 2.8%, Industrial and Commercial Bank of China climbing 2.9% and China Minsheng Bank soaring 7.5%.

Looking ahead, European stock market futures pointed to a higher open, after Fed Chair Bernanke indicated that the central bank will maintain its easy monetary policy for the foreseeable future.

The EURO STOXX 50 futures pointed to a gain of 1.4% at the open, France’s CAC 40 futures rose 1.3%, London’s FTSE 100 futures advanced 1%, while Germany's DAX futures pointed to a gain 1.2% at the open.

The U.S. was to release the weekly report on initial jobless claims later in the trading day.

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Forex - Euro pares gains vs. dollar in choppy trade

The euro pared gains against the dollar on Thursday, pulling back from three-week highs hit after comments by Federal Reserve Chairman Ben Bernanke raised doubts over the timing of a possible reduction to the bank’s easing program.

EUR/USD pulled back from 1.3206, the pair’s highest since June 21, to hit 1.3085 during late Asian trade, still up 0.81% for the day.

The pair was likely to find support at 1.2961, the session low and resistance at 1.3253, the high of June 21.

The dollar fell against all the major currencies after Bernanke said the Fed will continue to maintain accommodative monetary policy for the foreseeable future, citing low levels of inflation and the high unemployment rate.

The comments came after the minutes of the central bank’s June policy meeting showed that Fed policymakers remain divided over when to begin tapering its USD85 billion-a-month asset purchase program.

Around half of Fed policymakers believe the bank should start to scale back bond purchases by the end of the year, while others believe the labor market still remains too weak.

The dollar had rallied in the past month after Bernanke said the Fed could begin to taper bond buying by the end of 2013 if the economy continued to improve as the central bank expected.

Elsewhere, the euro was higher against the pound, with EUR/GBP rising 0.20% to 0.8656 and was lower against the yen, with EUR/JPY slipping 0.12% to 129.13.

The U.S. was to release the weekly report on initial jobless claims later in the trading day.

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Most Asian stocks up after Bernanke comments; Nikkei down 0.03%

Most Asian stocks traded higher Thursday after getting some help from comments made after the close of U.S. markets Wednesday by Federal Reserve Chairman Ben Bernanke. Those remarks implied that the end of U.S. monetary easing is not as near as previously thought, which was enough to send the dollar into a tailspin. 

In Asian trading Thursday, Japan’s Nikkei 255 inched down 0.03% asUSD/JPY traded lower. Earlier Thursday, data showed Japan's core machinery orders rose 10.5% in May following an 8.8% decrease in April. The May reading easily topped economists’ expectations for a 1.3% increase. 

Hong Kong’s Hang Seng climbed 1.94% while the Shanghai Composite added 1.35% after Bernanke said the Fed’s accommodative monetary policy is needed over the near-term, quelling speculation that the central bank could begin tapering its USD85 billion-per-month easing program as soon as September. 

While data from the U.S. labor market, manufacturing sector, housing industry and other sectors of the economy have come in better than expected recently, Bernanke noted the U.S. unemployment rate of 7.6% may belie the job market’s actual strength, indicating that last week’s stronger-than-expected June jobs report did not factor into his comments. 

Australia's S&P/ASX 200 gained more than 1% after the Australian Bureau of Statistics said that employers there added 10,300 jobs last month following the loss of 700 jobs in May. The June reading easily beat economists’ estimates that called for the loss of 2,500 jobs. 

The Bureau of Statistics added that Australia's unemployment rate rose to 5.7% from 5.6% in May. The May reading was revised from 5.5%. Analysts had expected Australian unemployment rate to rise to 5.6% last month. 

New Zealand’s NZSE 50 inched down 0.02% while Singapore’s Straits Times Index rose 1.31%. 

South Korea’s Kospi climbed 2.14% after the Bank of Korea left interest rates in Asia’s fourth-largest economy unchanged at 2.5% for a second straight month. 

S&P 500 futures rose 0.89% a day after the benchmark U.S. index inched up 0.02%. 

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Oil falls despite supply data, Bernanke comments

Oil futures succumbed to a bit a profit-taking in the early part of Thursday’s Asian session as traders locked in profits in crude following bullish inventories data and supportive comments from Federal Reserve Chairman Ben Bernanke. 

On the New York Mercantile Exchange, light, sweet crude futures fell 0.12% to USD106.40 per barrel in Asian trading Thursday after settling up 2.21% at USD105.82 a barrel on Wednesday in the U.S. 

Oil prices hit their highest levels in 14 months on Wednesday after the Energy Information Administration reported that U.S. crude oil inventories fell by 9.9 million barrels in the week ended July 5, blowing past expectations for a decline of 3.3 million barrels, which sparked a rally amid speculation demand is picking up as the world's largest economy improves. 

The report also showed that total motor gasoline inventories decreased by 2.6 million barrels, confounding expectations for an increase of 1.2 million barrels. 

That data helped traders gloss over dismal data out of China, the world's second largest consumer of crude. China reported earlier that its exports fell 3.1% from a year earlier in June, confounding expectations for a 4.0% increase.

After the close U.S. markets, Bernanke delivered comments that sent U.S. stock futures and commodities soaring while sending the U.S. Dollar Index plunging. In those remarks, Bernanke said the Fed’s accommodative monetary policy is needed over the near-term, quelling speculation that the central bank could begin tapering its USD85 billion-per-month easing program as soon as September. 

While data from the U.S. labor market, manufacturing sector, housing industry and other sectors of the economy have come in better than expected recently, Bernanke noted the U.S. unemployment rate of 7.6% may belie the job market’s actual strength, indicating that last week’s stronger-than-expected June jobs report did not factor into his comments. 

Elsewhere, Brent for August delivery added 0.36% to USD108.42 per barrel on the ICE Futures Exchange.

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Gold soars after Bernanke comments

Gold futures soared during the early part of Thursday’s Asian after getting a boost from supportive comments made by Federal Reserve Chairman Ben Bernanke following the close of U.S. markets Wednesday. 

On the Comex division of the New York Mercantile Exchange, gold futures for August delivery soared 2.79% to USD1,282.25 per troy ounce in Asian trading after settling up 0.50% at USD1,252.15 a troy ounce in U.S. trading on Wednesday. 

Gold has taken out resistance at USD1,266.55, the high from July 2, which could turn into new support. New resistance can be seen at USD1,300 per ounce. 

After the close U.S. markets, Bernanke delivered comments that sent U.S. stock futures and gold soaring while sending the U.S. Dollar Index plunging. In those remarks, Bernanke said the Fed’s accommodative monetary policy is needed over the near-term, quelling speculation that the central bank could begin tapering its USD85 billion-per-month easing program as soon as September. 

Stimulus efforts weaken the dollar to spur recovery, making gold a nice hedge in the process. While data from the U.S. labor market, manufacturing sector, housing industry and other sectors of the economy have come in better than expected recently, Bernanke noted the U.S. unemployment rate of 7.6% may belie the job market’s actual strength, indicating that last week’s stronger-than-expected June jobs report did not factor into his comments. 

In June, Bernanke roiled financial markets by saying the U.S. economy was gaining strength, which some traders took to mean the end of easing was imminent. That contributed to one of gold’s worst quarterly performances in decades. 

Elsewhere, Comex silver for September delivery surged 3.5% to USD19.835 per ounce while copper for September delivery jumped 1.88% to USD3.145 per ounce.

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Forex Trading Signal for 11th July 2013

                                                                                


Japan (Tokyo)                               United Kingdon (London)                        USA (New York)

For more easy access,,,,,,Download our mobile application on your mobile :   Click Fxsignals 

EUR/USD

 Up Trend :

 (1) BUY

E/P: 1.29115

T/P: 1.29500

S/L: 1.28700

 (2) BUY

E/P: 1.30971

T/P: 1.31300

S/L: 1.30500

 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,

GBP/USD

UP Trend:

(1) BUY

E/P: 1.49603

T/P: 1.50000

S/L: 1.49200

(2) BUY

E/P: 1.51098

T/P: 1.51400

S/L: 1.50700

NOTE: The above posted Signals are delayed 2 - 4 hours after it has been  generated.
Daily forex signals are sent ontime to only our subcribers.

To subcribe: click here

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Forex - Dollar falls on release of Federal Reserve minutes

The dollar fell against most major currencies on Wednesday after the Federal Reserve released the minutes of its June monetary policy meeting, which weren't quite as hawkish as markets were expecting.

In U.S. trading on Wednesday, EUR/USD was up 0.84% at 1.2889.

Fed minutes released earlier revealed the some monetary authorities favored keeping stimulus programs in place despite improving economic indicators out of the U.S. housing, labor and manufacturing sectors of the economy.

Stimulus programs such as the Fed's monthly USD85 billion bond-buying program weaken the dollar to spur recovery.

"Many members indicated that further improvement in the outlook for the labor market would be required before it would be appropriate to slow the pace of asset purchases," the minutes read. 

"Some added that they would, as well, need to see more evidence that the projected acceleration in economic activity would occur, before reducing the pace of asset purchases."

Federal Reserve Chairman Ben Bernanke has said the U.S. central bank may begin scaling back asset purchases this year and end them next year if the economy improves, particularly the labor market.

The minutes revealed that Bernanke's colleagues want to be sure, as while some see the need to begin tapering soon, others felt they would "need to see more evidence that the projected acceleration in economic activity would occur, before reducing the pace of asset purchases," the minutes added.

While investors didn't view the Fed's language as dovish, they were expecting the Fed to begin tapering stimulus programs by September or October, though market talk on Wednesday said scale-backs may begin closer to December, which weakened the greenback.

The greenback was down against the pound, with GBP/USD trading up 0.49% at 1.4939.

The dollar was down against the yen, with USD/JPY down 0.98% at 100.15, and down against the Swiss franc, with USD/CHF trading down 0.91% at 0.9641.

The dollar was mixed against its cousins in Canada, Australia and New Zealand, with USD/CAD down 0.27% at 1.0499, AUD/USD down 0.58% at 0.9124 and NZD/USD trading down 0.75% at 0.7797.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.80% at 84.17.

On Thursday, the U.S. is to release the weekly government report on initial jobless claims, a leading economic indicator, as well as official data on import prices.

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Forex - EUR/USD at session highs before Fed minutes, Bernanke

The euro was at session highs against the dollar on Wednesday as markets awaited minutes from the Federal Reserve’s latest meeting and speech by Fed Chairman Ben Bernanke later in the trading day.

EUR/USD hit 1.2837 during U.S. morning trade, the session high; the pair subsequently consolidated at 1.2834, gaining 0.43%.

The pair was likely to find support at 1.2754, Tuesday’s low and a three-month low and resistance at 1.2881, Monday’s high.

The dollar looked likely to resume its strengthening trend if the Fed minutes and Ben Bernanke reiterated that the U.S. central bank is close to tapering its asset purchase program. 

The euro fell to its lowest level since April 4 against the dollar on Tuesday after a senior European Central Bank policymaker said the bank’s forward guidance on interest rates extended beyond 12 months.

The comments came after ECB President Mario Draghi said last week that rates would remain at low levels for an “extended” period, amid ongoing weakness in the euro zone economy.

On Tuesday, the International Monetary Fund said it expects the euro zone economy to contract by 0.6% this year, down from the 0.4% contraction it forecast in April. The IMF also cut its forecast for global growth this year to 3.1%, from 3.3% in April.

Elsewhere, the euro edged higher against the pound, with EUR/GBPrising 0.10% to 0.8605 and was lower against the yen, with EUR/JPYfalling 0.39% to 128.78.

Also Wednesday, Chinese trade data showed that exports fell unexpectedly in June from a year earlier, fuelling concerns over a slowdown in global demand. Imports were also lower on a year-over-year basis, indicating that domestic demand was weakening.

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U.S. stocks steady as Fed minutes in focus; Dow Jones up 0.03%

U.S. stocks were steady on Wednesday, as marlets were jittery ahead of the minutes of the Federal Reserve's most recent policy meeting, expected later in the trading day. 

During early U.S. trade, the Dow Jones Industrial Average inched up 0.03%, the S&P 500 index dipped 0.04%, while the Nasdaq Composite index added 0.10%. 

Investors trimmed back expectations that the Fed will soon start to unwind stimulus measures ahead of the central bank’s June meeting minutes and a closely watched speech by Ben Bernanke later Wednesday. 

Meanwhile, market sentiment found some support after weak Chinese trade data for June prompted speculation over the possibility of further monetary easing by Beijing.

Official data earlier showed that Chinese exports fell unexpectedly last month, fuelling concerns over a slowdown in global demand. Imports were also lower, indicating that domestic demand was weakening. 

FedEx slipped 0.14% amid speculation that billionaire William Ackman would make a big investment in the company. 

Also in company news, Health Management Associates, up 1.07%, has reportedly attracted takeover interest from Community Health Systems and other rivals about buying the hospital operator. 

DirecTV added to gains, as shares climbed 0.43% following news it and a partnership of Chernin Group and AT&T have each offered about USD1 billion for online video service Hulu LLC. 

In the tech sector, Google rose 0.37% amid reports the company's chromebooks snagged 20% to 25% of the U.S. market for laptops that cost less than USD300 in the past eight months. 

Among earnings, Family Dollar edged past earnings expectations and raised its outlook for the year, sending the retailer's shares surging 3.53%. 

On the downside, Nabors Industries saw shares plunge 3.75% after the oil services provider said its second-quarter profit would fall short of market expectations, due to tougher competition and fewer rentals of its rigs. 

Other stocks expected to be in focus included Yum Brands, due to report second quarter earnings after the closing bell. 

Across the Atlantic, European stock markets were lower. The EURO STOXX 50 slipped 0.23%, France’s CAC 40 edged down 0.10%, Germany's DAX dipped 0.05%, while Britain's FTSE 100 fell 0.23%. 

During the Asian trading session, Hong Kong's Hang Seng Index jumped 1.07%, while Japan’s Nikkei 225 Index fell 0.39%.

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Gold holds near 1-week high before Fed minutes, Bernanke speech

Gold futures rose on Wednesday, holding near a one-week high as traders looked ahead to the minutes from the Federal Reserve’s June meeting and a keenly anticipated speech by Fed Chairman Ben Bernanke later in the trading day.

On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,253.45 a troy ounce during U.S. morning hours, up 0.6% on the day.

Comex gold prices rose by as much as 0.9% earlier in the session to hit a daily high of USD1,257.95 a troy ounce.

Gold futures were likely to find support at USD1,180.35 a troy ounce, the low from June 28 and a 34-month low and near-term resistance at USD1,267.35, the high from July 2.

Investors will scrutinize the minutes of the Fed's June 18-19 meeting for further hints regarding the direction of U.S. monetary policy.

In addition, Fed Chairman Ben Bernanke is scheduled to speak at a National Bureau of Economic Research conference in Boston later in the day.

Bernanke said last month the bank could begin tapering its USD85 billion-a-month asset purchase program by the end of 2013 and wind it down completely by the middle of 2014 if the economy picks up as the central bank expects.

Gold prices are on track to post a loss of 26% on the year, the worst yearly decline since 1981, amid speculation the Fed will start to unwind its stimulus program by the year's end.

Moves in the gold price this year have largely tracked shifting expectations as to whether the U.S. central bank would end its bond-buying program sooner-than-expected.

Elsewhere on the Comex, silver for September delivery eased up 0.4% to trade at USD19.22 a troy ounce, while copper for September delivery rose 0.5% to trade at USD3.081 a pound.

Copper’s gains came despite the release of disappointing trade data out of China earlier in the day.

Official trade data showed that Chinese exports fell 3.1% from a year earlier in June, confounding expectations for a 4.0% increase.

The report also showed that imports declined 0.7%, bringing the country’s trade surplus to USD27.1 billion for the month, broadly in line with expectations for a surplus of USD27 billion.

China is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.

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Dollar lower ahead before Fed minutes, Bernanke

The dollar was broadly lower against the other major currencies on Wednesday, ahead of minutes from the Federal Reserve’s latest meeting and what would be a closely watched speech by Fed Chairman Ben Bernanke.

During European afternoon trade, the dollar pulled away from three-month highs against the euro, with EUR/USD up 0.28% to 1.2813.

The dollar looked likely to resume its strengthening trend if the minutes of the Fed’s June meeting and Ben Bernanke reiterated that the U.S. central bank is close to tapering its USD85 billion-a-month asset purchase program. 

The euro’s gains looked likely to remain limited after a senior European Central Bank policymaker said Tuesday that the bank’s forward guidance on interest rates extended beyond 12 months.

The dollar eased back from three-year highs against the pound, withGBP/USD rising 0.23% to 1.4898.

The pound dropped to its lowest since June 2010 against the dollar on Tuesday after unexpectedly weak U.K. manufacturing data increased the likelihood of further easing by the Bank of England.

The dollar was sharply lower against the safe haven yen, with USD/JPYdropping 0.91% to 100.20.

Demand for the safe haven yen was boosted after official data on Wednesday showed that Chinese exports fell unexpectedly last month, fuelling concerns over a slowdown in global demand. Imports were also lower, indicating that domestic demand was weakening.

The dollar was also weaker against the Swiss franc, with USD/CHF down 0.26% to 0.9704. 

The greenback was mixed against its Australian, New Zealand and Canadian counterparts, with AUD/USD climbing 0.19% to 0.9192,NZD/USD dipping 0.03% to 0.7852 and USD/CAD slipping 0.09% to 1.0517.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.34% to 84.56. 

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Forex - GBP/USD pushes higher before Fed minutes

The pound pushed higher against the dollar on Wednesday, ahead of minutes from the Federal Reserve’s latest policy meeting and a keenly anticipated speech by Fed Chairman Ben Bernanke.

GBP/USD hit 1.4923 during European afternoon trade, the session high; the pair subsequently consolidated at 1.4901, gaining 0.25%.

Cable was likely to find support at 1.4812, Tuesday’s low and a three-year low and resistance at 1.4980, Tuesday’s high.

The dollar looked likely to resume its strengthening trend if the Fed minutes and Ben Bernanke reiterated that the U.S. central bank is close to tapering its asset purchase program. 

The pound dropped to its lowest since June 2010 against the dollar on Tuesday after unexpectedly weak U.K. manufacturing data increased the likelihood of further easing by the Bank of England.

Last week the BoE indicated that interest rates are likely to remain at record low levels, given weakness in the U.K.’s economic recovery.
Sterling was little changed against the euro, with EUR/GBP inching up 0.04% to 0.8599.

The single currency remained under pressure after a senior European Central Bank policymaker said Tuesday that the bank’s forward guidance on interest rates extended beyond 12 months.

The comments came after ECB President Mario Draghi said last week that rates would remain at low levels for an “extended” period, amid ongoing weakness in the euro zone economy.

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Forex - Euro higher vs. dollar before Fed minutes, Bernanke

The euro was higher against the dollar on Wednesday as markets looked ahead to the minutes from the Federal Reserve’s June meeting and a keenly anticipated speech by Fed Chairman Ben Bernanke later in the trading day.

EUR/USD hit 1.2835 during European afternoon trade, the session high; the pair subsequently consolidated at 1.2822, gaining 0.33%.

The pair was likely to find support at 1.2754, Tuesday’s low and a three-month low and resistance at 1.2881, Monday’s high.

The dollar looked likely to resume its strengthening trend if the Fed minutes and Ben Bernanke reiterated that the U.S. central bank is close to tapering its asset purchase program. 

The euro fell to its lowest level since April 4 against the dollar on Tuesday after a senior European Central Bank policymaker said the bank’s forward guidance on interest rates extended beyond 12 months.

The comments came after ECB President Mario Draghi said last week that rates would remain at low levels for an “extended” period, amid ongoing weakness in the euro zone economy.

On Tuesday, the International Monetary Fund said it expects the euro zone economy to contract by 0.6% this year, down from the 0.4% contraction it forecast in April. The IMF also cut its forecast for global growth this year to 3.1%, from 3.3% in April.

Elsewhere, the euro was little changed against the pound, with EUR/GBPinching up 0.03% to 0.8598 and was lower against the yen, withEUR/JPY falling 0.63% to 128.46.

Also Wednesday, Chinese trade data showed that exports fell unexpectedly in June from a year earlier, fuelling concerns over a slowdown in global demand. Imports were also lower on a year-over-year basis, indicating that domestic demand was weakening.

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European stocks steady on ECB remarks, Italy downgrade; Dax down 0.06%

European stocks were higher on Wednesday, after comments by a European Central Bank official, although the downgrade of Italy's sovereign credit rating weighed on market sentiment. 

During European morning trade, the EURO STOXX 50 dipped 0.04%, France’s CAC 40 inched up 0.03%, while Germany’s DAX 30 eased 0.06%. 

On Tuesday, ECB executive board member Jorg Asmussen said the central bank may keep interest rates at record lows for more than 12 months.

The comments came after ECB President Mario Draghi said last week that rates would remain at low levels for an “extended” period, amid ongoing weakness in the euro zone economy. 

Separately, Standard & Poor's lowered Italy's sovereign credit rating to BBB from BBB+, citing the country's weak economic prospects. The new rating is two notches above "junk" status. S&P also gave Italy a "negative" outlook. 

Financial stocks were mostly lower, as French lenders BNP Paribas and Societe Generale retreated 0.51% and 0.31%, while Germany's Deutsche Bank jumped 1.82%. 

Among peripheral lenders, Spanish banks BBVA and Banco Santander slid 0.22% and 0.58% respectively, while Italy's Intesa Sanpaolo and Unicredit declined 0.76% and 0.87%. 

Elsewhere, Roche shares were down 0.21%, following reports the Swiss drugmaker halted testing of aleglitazar, an experimental treatment for diabetes, after a panel raised safety and efficacy concerns in a final-phase clinical trial. 

In London, FTSE 100 added 0.10%, led by a surge in Burberry shares. 

Burberry rallied 4.27% after the luxury retailer said its spring-summer collection helped increase retail sales in its fiscal first quarter more than estimated. 

Adding to gains, HSBC Holdings added 0.35%, while the Royal Bank of Scotland and Barclays jumped 1.30% and 1.45% respectively. 

Meanwhile, mining stocks were broadly lower, as shares in Rio Tinto slid 0.32% and Anglo American dropped 0.57%, while Polymetal and Fresnillo plummeted 2.47% and 4.05%. 

In the U.S., equity markets pointed to a steady open. The Dow Jones Industrial Average futures pointed to a 0.06% gain, S&P 500 futures signaled a 0.01% dip, while the Nasdaq 100 futures indicated a 0.11% rise. 

The Fed was to release the minutes of its June policy meeting later in the day, while a speech by Fed Chairman Ben Bernanke was also in focus.

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