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Originally published August 5, 2014 at 6:03 AM | Page modified August 5, 2014 at 6:45 AM

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European markets rise but US seen dipping on open

European stock markets rose Tuesday after a survey indicated the recovery there is gaining traction. But Wall Street was expected to dip on the open and Asian markets mostly retreated after data showed a weakening in China's services industries.


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LONDON —

European stock markets rose Tuesday after a survey indicated the recovery there is gaining traction. But Wall Street was expected to dip on the open and Asian markets mostly retreated after data showed a weakening in China's services industries.

KEEPING SCORE: Germany's DAX rose 0.5 percent to 9,197.45 and France's CAC-40 added 0.6 percent to 4,240.69. Britain's FTSE 100 advanced 0.3 percent to 6,700.10. Futures indicated the Standard & Poor's 500 would open 0.3 percent lower, and the Dow 0.2 percent weaker.

BUSINESS SURVEYS: Trading sentiment was influenced by surveys of business activity. In China, the so-called purchasing managers' index by HSBC showed the services industry grew in July at the slowest rate last month since November 2005. In Europe, a similar index that covers both the services and manufacturing sectors in the 18-country eurozone rose to a three-month high. The figure, published by financial data company Markit, suggests the recovery continues despite uncertainty over the impact of sanctions on Russia.

ANALYST TAKE: Economists said the pickup in Europe's indicators is encouraging, all the more so at a time of increased global risk due to the slowdown in China and the crisis in Ukraine. It "lifts hopes that the eurozone economy can gradually gain traction over the second half of the year after a disappointing and lackluster first half," said Howard Archer, economist at IHS Global Insight.

ASIA'S DAY: Japan's Nikkei 225 fell 1 percent and South Korea's Kospi shed 0.7 percent. Australia's S&P/ASX 200 slipped 0.4 percent and stocks in mainland China, Indonesia and Singapore also declined. But Hong Kong's Hang Seng added 0.2 percent.

AUTO EARNINGS: In Tokyo, Toyota Motor Corp. said its earnings rose 5 percent thanks to increased vehicle sales in North America and Europe. Toyota's shares closed flat shortly before earnings announcement. In Frankfurt, German luxury car maker BMW AG said Tuesday its net earnings jumped 27 percent in the second quarter, sending its shares nearly 2 percent higher.

US DATA: The U.S. Commerce Department releases factory orders for June later Tuesday morning and the Institute for Supply Management releases its service sector index.

CURRENCIES, OIL: The dollar rose to 102.67 yen from the previous session's 102.55 yen. The euro dipped to $1.3389 from $1.3421. Benchmark U.S. crude for September delivery was up 14 cents at $98.43 a barrel.



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