Polish equity market closed flat on Tuesday. The broad market measure, the WIG Index inched up 0.01%. Sector-wise, utilities stocks were depressed the most (-1.02%), while oil and gas sector names outperformed (+1.84%).

The large-cap stocks' measure, the WIG30 Index, edged up 0.08%. Within the Index components, GRUPA AZOTY (WSE: ATT) led the gainers with a 4.49% advance. JSW (WSE: JSW) and BOGDANKA (WSE: LWB) also posted solid surge, adding 3.55% and 2.34% respectively. Elsewhere, LOTOS (WSE: LTS) jumped by 2.20% on better-than-expected 2Q15 results. It was followed by its oil and gas sector peers PKN ORLEN (WSE: PKN) and PGNIG (WSE: PGN), which added a respective 2.07% and 1.53%. On the other side of the ledger, PEKAO (WSE: PEO) fared the worst, tumbling by 2.07%. Quotations of PGE (WSE: PGE) and ENEA (WSE: ENA) slid down 1.93% and 1.26% respectively, as the generating companies reduced electricity output due to continued heatwave.and low water levels, which caused problems with cooling of their coal-fired power plants.

Stock indices closed lower on the yuan devaluation. The yuan devaluated almost 2% against the U.S. dollar on Tuesday. The People's Bank of China set Tuesday's daily fixing at 6.2298 per U.S. dollar, down from 6.1162 on Monday.

A weaker yuan should help to boost the activity in the manufacturing sector and exports, which dropped 8.3% year-on-year in July.

The Greek government said on Tuesday that it reached a deal on the third bailout programme with its international lenders.

The European Commission has confirmed that a deal on a third Greek bailout programme has been reached.

"We have achieved an agreement in principle on a technical basis and talks are still ongoing on details… What we don't have at the moment is a political agreement and that's what we need," the European Commission spokeswoman Annika Breidthardt said on Tuesday.

Meanwhile, the economic data from the Eurozone was mixed. Germany's ZEW economic sentiment index declined to 25.0 in August from 29.7 in July, missing expectations for a rise to 32.0.

"The German economic engine is still running smoothly. However, under the current geopolitical and global economic circumstances a substantial improvement of the economic situation in Germany over the medium term is improbable. That is why economic sentiment has declined," the ZEW President Clemens Fuest.

Eurozone's ZEW economic sentiment index increased to 47.6 in August from 42.7 in July.

Indexes on the close:

Name Price Change Change %

FTSE 100 6,664.54 -71.68 -1.06 %

DAX 11,293.65 -311.13 -2.68 %

CAC 40 5,099.03 -96.38 -1.86 %

Major U.S. stock-indexes fell in early trading on Tuesday in a broad-based retreat as China's surprise devaluation of the yuan pushed the dollar higher and pressured commodity-related shares. Oil erased most of its gains from Monday following the devalution by the world's top energy consumer. Other commodities such as copper, aluminum, nickel and zinc also fell.

Almost all of Dow stocks in negative area (25 of 30). Top looser - Apple Inc. (AAPL, -2.69%). Top gainer - Verizon Communications Inc. (VZ, +1.23).

All S&P index sectors also in negative area. Top gainer - Basic Materials (-2.1%).

At the moment:

Dow 17384.00 -169.00 -0.96%

S&P 500 2082.50 -17.25 -0.82%

Nasdaq 100 4536.00 -30.00 -0.66%

10 Year yield 2,14% -0,09

Oil 43.07 -1.89 -4.20%

Gold 1106.60 +2.50 +0.23%

The European Commission has confirmed that a deal on a third Greek bailout programme has been reached.

"We have achieved an agreement in principle on a technical basis and talks are still ongoing on details… What we don't have at the moment is a political agreement and that's what we need," the European Commission spokeswoman Annika Breidthardt said on Tuesday.

She also said that deputy finance ministers from the 28 EU countries will hold a telephone conference today.

The U.S. Commerce Department released wholesale inventories on Tuesday. Wholesale inventories in the U.S. rose 0.9% in June, beating expectations for a 0.4% gain, after a 0.6% increase in May. May's figure was revised down from a 0.8% rise.

The increase was partly driven by a rise inventories of non-durable goods. Inventories of non-durable goods increased 2.3% in June, while inventories of durable goods gained 0.1%.

Wholesale sales climbed by 0.1% in June, after a 0.2% rise in May.

U.S. stock-index futures slid as China's currency devaluation sparked concern across global markets that the world's second-largest economy is headed for a deeper slowdown.

Global Stocks:

Nikkei 20,720.75 -87.94 -0.42%

Hang Seng 24,498.21 -22.91 -0.09%

Shanghai Composite 3,928.46 +0.04 0.00%

FTSE 6,681.71 -54.51 -0.81%

CAC 5,110.91 -84.50 -1.63%

DAX 11,345.3 -259.48 -2.24%

Crude oil $43.76 (-2.65%)

Gold $1107.40 (+0.30%)

(company / ticker / price / change, % / volume)

The U.S. Labor Department released non-farm productivity figures on Tuesday. Preliminary productivity in the U.S. non-farm businesses rose at a 1.3% annual rate in the second quarter, missing expectations for a 1.6% increase, after a 1.1% drop in the first quarter. The first quarter's figure was revised up from a 3.1% fall.

The increase was driven by higher output, which rose 2.8%. Hours worked climbed by 1.5%.

Preliminary unit labour costs increased 0.5% in the second quarter, exceeding expectations for a 0.1% rise, after a 2.3 gain in the first quarter. The first quarter's figure was revised down from a 6.7% increase.

Upgrades:

Verizon (VZ) upgraded to Buy from Neutral at MoffettNathanson, target $54

Google A (GOOGL) upgraded to Buy from Neutral at Monness Crespi & Hardt, target $900

Google A (GOOGL) upgraded to Buy from Hold at Stifel, target $850

Google A (GOOGL) upgraded to Buy from Neutral at Nomura, target $715

Downgrades:

Other:

Apple (AAPL) target lowered to $130 from $135 at Jefferies

Google A (GOOGL) target raised to $840 from $780 at Deutsche Bank

The Canada Mortgage and Housing Corporation (CMHC) released housing starts data on Tuesday. Housing starts in Canada fell to a seasonally adjusted annualized rate of 193,032 units in July from a revised reading of 202,338 units in June. June's figure was revised down from 202,818 units.

The decrease was driven by a decline in single starts.

"The decline in single starts is in line with CMHC's expectations of buyers shifting demand away from higher priced new single-detached homes towards lower-priced alternatives. Gains in multiple starts are largely due to higher rental apartment starts, a substantial portion of which are seniors' residences," the CMHC's Chief Economist Bob Dugan said.

Stock indices traded lower on the yuan devaluation. The yuan devaluated almost 2% against the U.S. dollar on Tuesday. The People's Bank of China set Tuesday's daily fixing at 6.2298 per U.S. dollar, down from 6.1162 on Monday.

A weaker yuan should help to boost the activity in the manufacturing sector and exports, which dropped 8.3% year-on-year in July.

The Greek government said on Tuesday that it reached a deal on the third bailout programme with its international lenders.

Meanwhile, the economic data from the Eurozone was mixed. Germany's ZEW economic sentiment index declined to 25.0 in August from 29.7 in July, missing expectations for a rise to 32.0.

"The German economic engine is still running smoothly. However, under the current geopolitical and global economic circumstances a substantial improvement of the economic situation in Germany over the medium term is improbable. That is why economic sentiment has declined," the ZEW President Clemens Fuest.

Eurozone's ZEW economic sentiment index increased to 47.6 in August from 42.7 in July.

Current figures:

Name Price Change Change %

FTSE 100 6,679.65 -56.57 -0.84 %

DAX 11,421.28 -183.50 -1.58 %

CAC 40 5,130.01 -65.40 -1.26 %

The German statistical office Destatis released its wholesale prices for Germany on Tuesday. German wholesale prices rose 0.1% in July, after a 0.2% decrease in June.

On a yearly basis, wholesale prices in Germany fell 0.5% in July, after a 0.5% drop in June. Wholesale prices have been declining since July 2013.

The fall was largely driven by a 12.1% decline in the wholesale prices of solid fuels and related products.

The Italian statistical office Istat released its final consumer price inflation data for Italy on Tuesday. Final consumer prices in Italy decreased 0.1% in July, in line with the preliminary reading, after a 0.2% gain June.

The decline was mainly driven by falls in fresh fruit (-8.1%) and fresh vegetables (-7.2%) prices Fresh fruit prices dropped 8.1% in July, while fresh vegetables prices plunged 7.2%.

On a yearly basis, consumer prices climbed 0.2% in July, in line with the preliminary reading, after a 0.2% increase in June.

The annual inflation was driven by a slower decline in energy prices and an increase in prices of some services.

The ZEW Center for European Economic Research released its economic sentiment index for Germany and the Eurozone on Tuesday. Germany's ZEW economic sentiment index declined to 25.0 in August from 29.7 in July, missing expectations for a rise to 32.0.

"The German economic engine is still running smoothly. However, under the current geopolitical and global economic circumstances a substantial improvement of the economic situation in Germany over the medium term is improbable. That is why economic sentiment has declined," the ZEW President Clemens Fuest.

Eurozone's ZEW economic sentiment index increased to 47.6 in August from 42.7 in July.

The Greek government has reached an agreement with international lenders on the issue of the primary budget targets for 2015-2018. That gives hope for a less difficult negotiations.

The primary budget targets are a primary deficit of 0.25% of gross domestic product in 2015, a 0.5% surplus in 2016, a 1.75% surplus in 2017 and a 3.15% surplus in 2018.

The Greek government does not need to implement additional reforms this and the next year.

The yuan devaluated almost 2% against the U.S. dollar on Tuesday. The People's Bank of China set Tuesday's daily fixing at 6.2298 per U.S. dollar, down from 6.1162 on Monday.

A weaker yuan should help to boost the activity in the manufacturing sector and exports, which dropped 8.3% year-on-year in July.

The National Australia Bank released its business confidence index for Australia on Tuesday. The index dropped to 4 in July from 8 in June. June's figure was revised down from 10.

The decline was driven by weaker conditions for employment, forward orders and exports.

A study by the Halle Institute for Economic Research (IWH) showed that the German government has saved up to €100 billion in interest on its debt since 2010. The government benefited from the debt crisis in Greece and several other Eurozone countries as German debt is considering it to be a "safe haven investment".

The savings will offset the costs, even if Greece fails to repay all of the debt.

Atlanta Fed President Dennis Lockhart said on Monday that the time of the interest rate hike by the Fed is nearing.

"I think the point of 'lift-off' is close," he said. Lockhart noted that the U.S. economy has largely returned to normal.

He added that the interest rate hike in September is possible, and the increase in the interest rate would be gradual.

Lockhart is a voting member of the Federal Open Market Committee this year.

U.S. stock indices advanced on Monday supported by deals in the industrial sector. Berkshire Hathaway Inc. announced it would buy Precision Castparts Corp. for approximately $32 billion. The company's shares jumped 19% making it the biggest gainer in the S&P 500. The announcement spurred the broader industrial sector, which gained 1.9%.

The Dow Jones Industrial Average rose 241.79 points, or 1.4%, 17615.17. The S&P 500 added 26.61 points, or 1.3%, to 2104.18. The Nasdaq Composite advanced 58.25 points, or 1.2%, to 5101.80.

Federal Reserve Vice Chairman Stanley Fischer said on Monday that the labor market improved and got close to full employment. At the same time he noted that inflation remained weak.

This morning in Asia Hong Kong Hang Seng rose 0.96%, or 234.39 points, to 24,755.51. China Shanghai Composite Index fell 0.40%, or 15.56 points, to 3,912.86. The Nikkei fell 0.60%, or 124.65 points, to 20,684.04.

Asian stocks traded mixed on surprising yuan's depreciation of nearly 2% against the U.S. dollar after the People's Bank of China announced changes to the way it sets daily midpoints for the national currency. These midpoints used to be completely controlled by the central bank, however from now on they will be based on the previous day's closing price.

(index / closing price / change items /% change)

Nikkei 225 20,808.69 +84.13 +0.41 %

Hang Seng 24,521.12 -31.35 -0.13 %

S&P/ASX 200 5,509.16 +34.38 +0.63 %

Shanghai Composite 3,928.82 +184.62 +4.93 %

FTSE 100 6,736.22 +17.73 +0.26 %

CAC 40 5,195.41 +40.66 +0.79 %

Xetra DAX 11,604.78 +113.95 +0.99 %

S&P 500 2,104.18 +26.61 +1.28 %

NASDAQ Composite 5,101.8 +58.26 +1.16 %

Dow Jones 17,615.17 +241.79 +1.39 %