Obama, in a speech today in Chattanooga, Tennessee, argued that years of budget fights have diverted attention from the need to help middle-income Americans recover from the recession, according to administration officials.
As an alternative to seeking quick passage of the deficit- reduction formula that has eluded lawmakers for two years -- some combination of increased tax revenue and entitlement curbs -- Obama proposed spending more on job creation efforts. The initiatives would include help for manufacturing, worker training, and infrastructure improvements.
The S&P/Case-Shiller index of property values climbed 12.2% from May 2012, the biggest 12-month gain since March 2006, after advancing 12.1% a month earlier. The median projection of 31 economists surveyed by Bloomberg called for a 12.4% advance. The Conference Board’s index of U.S. consumer confidence decreased to 80.3 in July from 82.1 a month earlier, less than the median projection in a survey of economists for a reading of 81.3.
More than two shares advanced for every one that fell in the Stoxx 600, with trading volumes 10% below the 30-day average.
Electricite de France SA, Europe’s biggest power generator, climbed 7.4% to the highest since November 2011 after raising its forecast for 2013 profit growth. Alcatel-Lucent SA, a French maker of phone equipment, jumped 14% as sales rose in the second quarter and the company said Qualcomm Inc. agreed to buy a minority stake.
BP Plc, Europe’s second-biggest oil company, declined 3.4% after reporting profit that missed estimates. Barclays Plc, the U.K.’s second-largest bank by assets, retreated 5.7% after saying it will raise 5.8 billion pounds ($8.9 billion) in a rights offering.
OAO Uralkali tumbled as much as 25% in Moscow as the world’s largest potash producer forecast global prices for the fertilizer ingredient will fall about 25% as it quits a trade venture with Belarusian Potash Co. and boosts shipments independently to countries including China.
K+S AG, Europe’s largest potash producer, plunged 24% to the lowest in six years in Frankfurt trading. Israel Chemicals Ltd. sank 18% in Tel Aviv. Potash Corp. of Saskatchewan Inc. sank 17% in Toronto and Mosaic Co. tumbled 18% in New York.
Most emerging-market stocks advanced even as the MSCI Emerging Markets Index slipped 0.1%. The gauge is 1.3% higher in July, headed for its best month since January.
The Shanghai Composite advanced 0.7% after the People’s Bank of China added 17 billion yuan ($2.8 billion) to the financial system using reverse repos for the first time in five months. Benchmark gauges in South Korea, Taiwan and Turkey advanced at least 0.9%.
India’s Sensex index lost 1.3%, declining for a fifth day in the longest slump in more than three months. The central bank kept interest rates on hold in line with analyst estimates and said increases in other borrowing costs this month to stem the rupee’s slide will be rolled back as the currency stabilizes. The rupee weakened versus all 16 major peers.
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