Federal Reserve Chairman Ben Bernanke said the timeline for the tapering of the stimulus program was not set in stone

US Equities: U.S. equities ended modestly higher after Federal Reserve Chairman Ben Bernanke said the timeline for the tapering of the stimulus program was not set in stone. IBM advanced almost 3% in extended-hours trading after IBM increased its full-year earnings forecast and announced second-quarterly earnings that outperformed estimates. Bucking the trend, American Express dropped 1.9% after the European Commission said it would propose limits on charges that banks can bill to process debit-card and credit-card transactions. European Equities: European stocks close higher, boosted by reassurances from the U.S. Federal Reserve that it will be flexible in its stimulus-trimming plans. The world's largest cosmetics group L'Oreal dropped 0.6% as second-quarter sales shrank. Miners in UK benefitted from a strong update from rival Rio Tinto a day earlier as BHP rose almost 2%. Asian Equities: Hong Kong stocks closed higher as strength in Chinese coal and cement counters helped compensate a 10% decline in China Resources Power. Nikkei share average rose marginally to an eight-week closing high as investors hesitated in making large bets before key events, including the U.S. Federal Reserve chairman's testimony to a congressional panel later in the day. In Singapore, telecommunications firm M1 Ltd rose at least 2% in a weaker broader market, helping kick off Singapore's results season. Thailand's benchmark index advanced to a two-week closing high buoyed by banks. Crude Oil: Brent crude edged higher after the U.S. Energy Information Administration announced further decrease in American crude stockpiles. EIA's weekly petroleum data showed a 6.9 million barrel drawdown in American crude stockpiles, continuing the declines over the last three weeks to at least 27 million barrels, the largest three-week drop on record. Currencies: The U.S. dollar advanced broadly after Federal Reserve Chairman Ben Bernanke confirmed market expectations that the U.S. central bank will start tapering its monetary stimulus this year as long as the economy grows in accordance to expectation. Sterling surged to a two-week high versus the dollar and pulled away from a four-month low against the euro after minutes from a Bank of England meeting surprised investors who had speculate on more signals on monetary policy loosening. Key events/data to look out for: § US: Unemployment Claims, Philly Fed Manufacturing Index § UK: Retail Sales Source: Reuters/Phillip Futures