US stocks declined slightly, ending a series of five-day increase. In the course of trading influence the statements of the Federal Reserve Janet Yellen that turmoil abroad are unlikely to affect the US economy and the Fed is on track to raise interest rates this year. Yellen said she expects a stable growth of the economy until the end of the year, and it allows the Fed to raise rates, but did not give a direct hint at the time of promotion.

In addition, as it became known today, US industrial production rose slightly in June, held back decline in production of vehicles. Last month, production, except for the production of cars increased by 0.3%, after declining by 0.1%, the report showed the Federal Reserve on Wednesday. Total industrial production, which also includes mining and utilities rose 0.3% after a 0.2% decline.

At the same time, US companies increased prices for goods and services in June, a sign that inflation is slowly rising from historically weak levels. The Producer Price Index, which measures prices at which companies sell goods and services rose to a seasonally adjusted 0.4% in June, after rising 0.5% in May. This was stated by the Ministry of Labour.

Also had little impact Beige Book report, which showed that the US economy has continued from mid-May to late June. The largest expansion was recorded in three counties: New York, Philadelphia and Kansas City. Moderate growth was recorded in Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Dallas and San Francisco. "Improvements in consumer spending vary among counties. Some counties have shown that low energy prices helped to increase spending, while the number of border districts noted a weakness related to the growth of the dollar", - the report says. Rising wages and employment recorded in all districts. The highest growth was recorded in salaries of industries such as human resources, construction and information technology.

Most components of the index DOW closed in negative territory (19 of 30). Outsider shares were Chevron Corporation (CVX, -1.35%). Most remaining shares of Apple Inc. rose (AAPL, + 0.89%).

Sector S & P index finished trading mixed. Most of the basic materials sector fell (-1.5%). The largest growth sector proved conglomerates (+ 0.1%).

At the close:

Dow -0.02% 18,050.17 -3.41

Nasdaq -0.12% 5,098.94 -5.95

S & P -0.07% 2,107.42 -1.54

Polish equity market closed higher on Wednesday. The broad market measure, the WIG Index edged up 0.12%. Sector-wise, informational technologies (-0.55%) and telecommunication sector (-0.54%) fared the worst. On the contrary, the best-performing sectors were chemicals (+1.33%) and materials (+1.03%).

The large-cap stocks' measure, the WIG30 Index underperformed the broad market, posting a 0.1% drop. ALIOR (WSE: ALR) was the worst performer within the indicator's components, losing 3.13%. It was followed by TAURON PE (WSE: TPE) and ASSECO POLAND (WSE: ACP), slumping 2.18% and 1.68% respectively. On the other side of the ledger, SYNTHOS (WSE: SNS) and CYFROWY POLSAT (WSE: CPS) were the biggest advancers, gaining 2.26% and 1.99% respectively. LOTOS (WSE: LTS) also produced solid gains (+1.95%), following the news the company plans to float its railway subsidiary Lotos Kolej on the Warsaw Stock Exchange.

Major U.S. stock-indexes were modestly higher on Wednesday, set for a fifth straight day of gains, after Federal Reserve Chair Janet Yellen said the turmoil abroad was unlikely to affect the U.S. economy and that the Fed was on track to raise interest rates this year. Yellen said she expects the economy to grow steadily for the rest of the year, allowing the Fed to hike rates, but gave no direct hint on the timing or pace of a hike.

Most of Dow stocks in positive area (18 of 30). Top looser - Chevron Corporation (CVX, -0.81%). Top gainer - Johnson & Johnson (JNJ, +1.11).

S&P index sectors mixed. Top looser - Healthcare (-0.7%). Top gainer - Basic Materials (+0.4%).

At the moment:

Dow 17980.00 +19.00 +0.11%

S&P 500 2104.25 +2.25 +0.11%

Nasdaq 100 4531.00 +13.50 +0.30%

10-year yield 2.38% -0.02

Oil 52.16 -0.88 -1.66%

Gold 1144.90 -8.60 -0.75%

Stock indices closed slightly higher ahead of the results of the Greek parliament's vote. The Greek government should pass a series of reforms in the Greek parliament to start talks about the third bailout programme.

Reuters reported on Tuesday that Greece will need far bigger debt relief that was considered by the Eurozone governments, according to a confidential study by the International Monetary Fund (IMF).

"The dramatic deterioration in debt sustainability points to the need for debt relief on a scale that would need to go well beyond what has been under consideration to date - and what has been proposed by the European Stability Mechanism (ESM)," the IMF said.

The French consumer price inflation fell 0.1% in June, after a 0.2% increase in May.

On a yearly basis, the consumer price index climbed 0.3% in June, after a 0.3% rise in May.

The Office for National Statistics (ONS) released its labour market data on Wednesday. The U.K. unemployment rate rose 5.6% in the March to May quarter from 5.5% in three months to February. It was the first increase in two years.

Analysts had expected the unemployment rate to remain unchanged at 5.5%.

The claimant count increased by 7,000 people in June, missing expectations for a drop by 8,800, after a decrease of 1,100 people in May. May's figure was revised down from a decline of 6,500.

Average weekly earnings, excluding bonuses, climbed by 2.8% in the March to May quarter, missing expectations for a rise by 3.0%, after a 2.7% gain in the December to February quarter. It was the highest gain in more than six years.

The previous three months' figure was revised up from a 2.2% increase.

Average weekly earnings, including bonuses, rose by 3.2% in the March to May quarter, missing expectations for a gain of 3.3%, after a 2.7% increase in the December to February quarter. It was the highest rise since June to April 2010.

Indexes on the close:

Name Price Change Change %

FTSE 100 6,753.75 0.00 0.00%

DAX 11,539.66 +22.76 +0.20 %

CAC 40 5,047.24 +14.77 +0.29 %

The Fed Chair Janet Yellen testified before the Senate Banking Committee on Wednesday. She said that she expects the U.S. economy to strengthen in the rest of the year. Yellen pointed out that the Fed could raise its interest rate "at some point this year".

"Looking forward, prospects are favourable for further improvement in the U.S. labour market and the economy more broadly," she said.

The Fed chairwoman pointed out that the U.S. dollar could expand faster than expected in the second half of the year due to lower gasoline prices and as a negative impact on the U.S. exports due to a stronger U.S. dollar begins to fade.

She noted that there is "still some slack" in the U.S. labour market.

Yellen also said that the situation in Greece and China could "pose some risk" to the U.S. economy.

The Bank of Canada (BoC) released its interest rate decision on Wednesday. The central bank lowered its interest rate to 0.50% from 0.75%. It was the second interest rate cut this year.

This decision was not expected by analysts.

"Additional monetary stimulus is required at this time to help return the economy to full capacity and inflation sustainably to target," the bank said in its statement.

A weak global economic growth, low inflation in Canada and low oil prices lead to this decision.

The central bank said that the real GDP in Canada contracted in the first half of the year.

Canada's real GDP is expected to expand by just over 1% in 2015 and about 2.5% in 2016 and 2017. The central bank expect the economy to return to full capacity and inflation to 2% on a sustained basis in the first half of 2017.

The BoC said that inflation in Canada was about 1% in the recent months due to lower energy prices, while core inflation was about 2%.

"The lower outlook for Canadian growth has increased the downside risks to inflation," the central bank said.

The Federal Reserve released its industrial production report on Wednesday. The U.S. industrial production rose 0.3% in June, exceeding expectations for a 0.2% increase, after a 0.2% decline in May. It was the biggest increase since November 2013.

The increase was driven by higher mining and utilities output. Mining output climbed by 1.0% in June, while utility output rose by 1.5%.

The U.S. manufacturing production flat in June.

Capacity utilisation rate increased to 78.4% in June from 78.2% in May. May's figure was revised up 78.2%. Analysts had expected a capacity utilisation rate of 78.1%.

U.S. stock-index futures were little changed after Federal Reserve Chair Janet Yellen said prospects are good for further improvement in the labor market, keeping the central bank on track for an interest-rate increase in 2015.

Nikkei 20,463.33 +78.00 +0.38%

Hang Seng 25,055.76 -65.15 -0.26%

Shanghai Composite 3,805.81 -118.68 -3.02%

FTSE 6,760.41 +6.66 +0.10%

CAC 5,045.19 +12.72 +0.25%

DAX 11,531.78 +14.88 +0.13%

Crude oil $52.57 (-0.89%)

Gold $1150.70 (-0.25%)

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

The U.S. Commerce Department released the producer price index figures on Wednesday. The U.S. producer price index increased 0.4% in June, exceeding expectations for a 0.2% gain, after a 0.5% rise in May.

On a yearly basis, the producer price index decreased 0.7% in June, beating forecasts of a 0.9% decline, after a 1.1% fall in May.

The rise was driven by higher food and gasoline prices. Gasoline prices jumped 4.3% in June. Food prices climbed by 0.6%, driven by a shortage of eggs, and as wholesale egg prices soared a 84.5% in June.

The producer price index excluding food and energy climbed 0.3% in June, exceeding expectations for a 0.1% gain, after a 0.1% increase in May.

On a yearly basis, the producer price index excluding food and energy climbed 0.8% in June, beating forecasts of a 0.7% increase, after a 0.6% rise in May.

The figures added to speculation on that the Fed will start raising its interest rate this year.

Upgrades:

Downgrades:

Other:

Amazon (AMZN) target raised to $500 from $490 at Nomura

Google (GOOGL) target raised to $710 from $614 at B. Riley & Co

Intel (INTC) target lowered to $35 from $45 at Jefferies

Yahoo! (YHOO) target lowered to $50 from $59 at Sun Trust Rbsn Humphrey

The New York Federal Reserve released its survey on Wednesday. The NY Fed Empire State manufacturing index climbed to 3.86 in July from -1.98 in June, exceeding expectations for an increase to 3.0.

The increase was driven by a rise in the general business conditions expectations index. The general business conditions expectations index for the next six months rose to 27.04 in July from 25.84 in June.

The new orders index dropped to -3.50 in July from 2.12 in June.

The price-paid index decreased to 7.45 in July from 9.62 in June.

The index for the number of employees fell to 3.19 in July from 8.65 last month. It was the lowest level since December 2013.

Statistics Canada released manufacturing shipments on Wednesday. Canadian manufacturing shipments rose 0.1% in May, missing forecasts of a 0.4% increase, after a 2.2% drop in April. April's figure was revised down from a 2.1% decline.

The rise was driven by higher sales of aerospace products and parts, and petroleum and coal products. Production in aerospace products and parts jumped 22.2% in June, while sales of petroleum and coal products climbed 5.6%

Sales increased in 6 of 21 categories.

The Bank of Japan (BoJ) Governor Haruhiko Kuroda said at the press conference on Wednesday that inflation in Japan will reach 2% target by next year. He noted that it is unlikely the economy in Japan will continue to slow down this quarter.

"Prices will likely pick up at a significant pace some time during the end of this fiscal year," he said.

Kuroda reiterated that the central bank will adjust its quantitative easing if needed.

Company reported Q2 profit of $0.45 per share versus $0.36 consensus. Revenues rose 1.8% year/year to $22.34 bln versus $21.72 bln consensus.

BAC reported Q2 net income of $5.3 billion compared to $2.3 billion in the year-ago period.

BAC rose to $17.63 (+2.92%). on the premarket.

Stock indices traded little changed as investors are cautious if the Greek government will be able to pass a series of reforms in the Greek parliament.

The deal also needs to be approved by national parliaments before talks about a bailout programme can start.

The French consumer price inflation fell 0.1% in June, after a 0.2% increase in May.

On a yearly basis, the consumer price index climbed 0.3% in June, after a 0.3% rise in May.

The Office for National Statistics (ONS) released its labour market data on Wednesday. The U.K. unemployment rate rose 5.6% in the March to May quarter from 5.5% in three months to February. It was the first increase in two years.

Analysts had expected the unemployment rate to remain unchanged at 5.5%.

The claimant count increased by 7,000 people in June, missing expectations for a drop by 8,800, after a decrease of 1,100 people in May. May's figure was revised down from a decline of 6,500.

Average weekly earnings, excluding bonuses, climbed by 2.8% in the March to May quarter, missing expectations for a rise by 3.0%, after a 2.7% gain in the December to February quarter. It was the highest gain in more than six years.

The previous three months' figure was revised up from a 2.2% increase.

Average weekly earnings, including bonuses, rose by 3.2% in the March to May quarter, missing expectations for a gain of 3.3%, after a 2.7% increase in the December to February quarter. It was the highest rise since June to April 2010.

Current figures:

Name Price Change Change %

FTSE 100 6,754.81 +1.06 +0.02 %

DAX 11,516.27 -0.63 -0.01 %

CAC 40 5,029.25 -3.22 -0.06 %

A survey by the ZEW Institute and Credit Suisse Group showed on Wednesday that Switzerland's economic sentiment index dropped to -5.4 points in July from 0.1 points in June as Swiss economic expectations worsened.

The current conditions index by 1.4 points to -21.6 points in July from -23.0 points in June.

"The economic outlook for Switzerland has dimmed again, and while analysts expect to see the strongest economic momentum in the Eurozone over the next six months, the present state of the Eurozone economy is still rated as poor," Credit Suisse said.

The French statistical office Insee released its consumer price inflation for France on Wednesday. The French consumer price inflation fell 0.1% in June, after a 0.2% increase in May.

On a yearly basis, the consumer price index climbed 0.3% in June, after a 0.3% rise in May.

Fresh food prices rose 5.2% year-on-year in June, while petroleum products prices dropped by 7.3%.

The Office for National Statistics (ONS) released its labour market data on Wednesday. The U.K. unemployment rate rose 5.6% in the March to May quarter from 5.5% in three months to February. It was the first increase in two years.

Analysts had expected the unemployment rate to remain unchanged at 5.5%.

The claimant count increased by 7,000 people in June, missing expectations for a drop by 8,800, after a decrease of 1,100 people in May. May's figure was revised down from a decline of 6,500.

Average weekly earnings, excluding bonuses, climbed by 2.8% in the March to May quarter, missing expectations for a rise by 3.0%, after a 2.7% gain in the December to February quarter. It was the highest gain in more than six years.

The previous three months' figure was revised up from a 2.2% increase.

Average weekly earnings, including bonuses, rose by 3.2% in the March to May quarter, missing expectations for a gain of 3.3%, after a 2.7% increase in the December to February quarter. It was the highest rise since June to April 2010.

The Bank of England monitors closely the wages growth it considers when to start hiking its interest rate.

Today's Chinese economic data was better than expected. Chinese economy expanded 7.0% in the second quarter, beating expectations for a 6.9% growth, after a 7.0% rise in the first quarter.

The weak housing market and industrial production in China weighs on the Chinese economic growth.

Industrial production in China increased 6.8% in May, exceeding expectations for a 6.0% rise, after a 6.1% gain in April.

Retail sales in China increased 10.6% in May, beating forecast of 10.2% gain, after a 10.1% rise in April.

The Bank of Japan (BoJ) released its interest rate decision on Wednesday. The BoJ kept its monetary policy unchanged (interest rate: 0.00-0.10%, monetary base target: 275 trillion yen). The central bank will expand its monetary base at an annual pace of 80 trillion yen. This decision was expected by analysts.

The BoJ board member, Takahide Kiuchi, said again that the central bank should cut its asset purchases to 45 trillion yen annually.

The BoJ lowered its GDP growth forest for financial year 2015/16 to 1.7% from the previous estimate of 2.0%. Forecasts for financial years 2016/17 and 2017/18 remained unchanged.

The central bank cut its inflation for financial year 2015/16 to 0.7%, down from previous estimate of 0.8%, for financial year 2016/17 to 1.9%, down from previous estimate of 2.0%, and for financial year 2017/18 to 1.8%, down from previous estimate of 1.9%.

The BoJ noted that the country's economy continued to recover moderately.

Reuters reported on Tuesday that Greece will need far bigger debt relief that was considered by the Eurozone governments, according to a confidential study by the International Monetary Fund (IMF).

"The dramatic deterioration in debt sustainability points to the need for debt relief on a scale that would need to go well beyond what has been under consideration to date - and what has been proposed by the European Stability Mechanism (ESM)," the IMF said.

A senior IMF official said on Tuesday that the debt relief would give Greece's economy a chance to recover.

European Central Bank (ECB) Executive Board member Yves Mersch said on Tuesday that the economy in the Eurozone is slowly but steadily improving, supported by the ECB's accommodative monetary policy.

"I am confident that the economic recovery will continue," he said.

Mersch repeated that the Eurozone's inflation will hit 2% target in the medium terms.

He also said that the central bank will keep its bond-buying programme until September 2016.

According to the latest Bank of America Merrill Lynch (BofAML) fund manager survey, which was conducted between July 2 and July 9, cash levels rose to 5.5% due to concerns over Greece, China and a possible interest rate hike by the Federal Reserve. It was the highest level since December 2008.

"When average cash balance rises above 4.5% a contrarian buy signal is generated for equities. When the cash balance falls below 3.5% a contrarian sell signal is generated," BofAML analysts said.

U.S. stocks advanced broadly at the beginning of a new earnings season, which started with J.P. Morgan Chase&Co (a Dow component), whose second-quarter profit rose 5.2% and shares climbed 1.4%. Earnings for S&P 500 companies are expected to fall 4.5% in the second quarter. That would mean the first fall since the third quarter of 2012. Analysts had also expected declines in the first quarter amid lower oil prices and a strong dollar. However, profits actually rose by 0.8%.

Analysts note that U.S. stocks are still sensitive to developments in Greece and prospects of Fed interest rates.

The Dow Jones industrial average gained 75.90 points, or 0.4%, to 18,053.58. The S&P 500 increased 9.35 points, or 0.5%, to 2,108.95. The Nasdaq Composite climbed 33.38 points, or 0.7%, to 5,104.89.

The U.S. Department of Commerce reported Tuesday that retail sales fell 0.3% in June, suggesting that consumer spending may weaken. Economists expected a 0.3% growth.

In Asia this morning Hong Kong Hang Seng slid 0.49%, or 122.48 points, to 24,998.43. China Shanghai Composite Index declined by 2.47%, or 96.84 points, to 3,827.65. Meanwhile the Nikkei rose 0.35%, or 70.75 points, to 20,456.08.

China's National Bureau of Statistics reported Wednesday that the country's gross domestic product expanded by 7% in the second quarter, compared to the same period last year. This growth rate is slightly faster than the 6.9% reading expected by economists and it's in line with the 7% growth target for the full year.

China industrial production rose by 6.3% y/y in Q2 (0.1% below Q1 2015).

The Bank of Japan left its monetary policy unchanged and reiterated that the country's economy continued recovering at a moderate pace. 

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

Nikkei 225 20,385.33 25,120.91 -103.10 -0.41 %

S&P/ASX 200 5,577.4 +104.23 +1.90 %

Shanghai Composite 3,926.03 -44.36 -1.12 %

FTSE 100 6,753.75 +15.80 +0.23 %

CAC 40 5,032.47 +34.37 +0.69 %

Xetra DAX 11,516.9 +32.52 +0.28 %

S&P 500 2,108.95 +9.35 +0.45 %

NASDAQ Composite 5,104.89 +33.38 +0.66 %

Dow Jones 18,053.58 +75.90 +0.42 %