BERLIN (dpa-AFX) - The German market was marginally lower on Tuesday afternoon, after Greece unveiled a summary of reform proposals on Monday, ahead of Federal Reserve Chairwoman Janet Yellen's testimony to U.S. lawmakers later in the day.
Greece unveiled a summary of reform proposals on Monday evening containing measures that had been widely anticipated. The measures reportedly include plans to pursue labor reforms, fight tax evasion and tackle fuel and tobacco smuggling.
Janet Yellen delivers the Fed's semiannual economic report to Congress on Tuesday and Wednesday, with investors awaiting further clues on when U.S. interest rates will be hiked.
On the data front, the German economy gained momentum towards the end of 2014 as initially estimated, driven by foreign demand and household spending, detailed results published by Destatis showed. Gross domestic product grew 0.7 percent in the fourth quarter from last quarter, when it was up 0.1 percent, in line with the preliminary estimate.
Eurozone harmonized consumer prices declined the most since July 2009 as initially estimated at the start of 2015, final data from Eurostat showed. The harmonized index of consumer prices in the 19-nation currency bloc fell 0.6 percent year-on-year in January, following a 0.2 percent drop in December, in line with the flash estimate.
The Euro Stoxx 50 index of eurozone bluechip stocks was losing 0.08 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, was gaining 0.14 percent.
The DAX index was down 0.06 percent, after reducing the loss from the morning session.
Deutsche Bank fell 1.2 percent and Commerzbank was moderately lower. Tiremaker Continental was down around 1 percent.
BMW and Volkswagen fell 1.1 percent each, while Daimler dropped 0.6 percent.
Meanwhile, RWE and E.ON gained 1.3 percent and 1 percent, respectively.
Telefonica Deutschland, which reported financial results gained around 6 percent.
Other markets in the region were trading mixed.
The Asian stocks rose broadly, although gains were capped ahead of Federal Reserve Chairwoman Janet Yellen's testimony to U.S. lawmakers later in the day. Yellen delivers the Fed's semiannual economic report to Congress on Tuesday and Wednesday, with investors awaiting further clues on when U.S. interest rates will be hiked.
In the U.S., futures point to a cautious open on Wall Street. In the previous session, stocks ended mixed showing little change, with the Nasdaq Composite Index extending its gains into a ninth straight day, as investors kept an eye on events in Greece and awaited Federal Reserve Chair Janet Yellen's testimony to Congress.
Crude for April delivery was losing $0.42 to $49.03 per barrel, while April gold dropped $4.1 to $1196.7 a troy ounce.
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