Global Stocks: Wall Street closing at records, Asian indices decline

U.S. markets rose and closed at records on Tuesday after the speech of the Fed Chair Janet Yellen. Yellen testified before the Senate Banking Committee in Washington on Tuesday. She said it is unlikely that the Fed will raise its interest rate in "the next couple of FOMC meetings" as wage growth remains too low even as the job market improves. The Fed Chair noted that the central bank will change the wording of the policy statement when it will raise its interest rate and that the FED will not rush into raising interest rates.

Yesterday Eurozone's finance ministers approved the four-month bailout extension on Tuesday and accepted the list of reforms proposed by the Greek government.

The DOW JONES index added +0.51% closing at 18,209.19 points. The S&P 500 closed +0.28% with a final quote of 2,115.48 points.

Chinese stocks declined after re-opening despite a better-than expected HSBC China PMI. The HSBC Manufacturing PMI rose from 49.7 to 50.1 to a four month-high, above the estimated reading of 49.6. A reading above 50 represents growth in activity. Domestic demand firmed while new export orders contracted for the first time since April 2014. Both input and output prices remain in contraction, according to HSBC. Hong Kong's Hang Seng is trading slightly negative -0.05% at 24,738.09 points. China's Shanghai Composite closed at 3,229.57 points -0.53%, the first retreat in eight days.

Japanese markets declined after a five day rally and closed below fresh 15-year highs hit yesterday. The Nikkei lost 18 points, closing -0.10% with a final quote of 18,585.20 points. Losses were limited after FED chair Yellen's speech as she stated that the bank's policy will be flexible.