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Commodities Support Europe |
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1:02 PM EDT July 25 2006 |
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European markets closed largely in the positive, giving back most of the gains from yesterday’s rally. Upbeat market sentiment was generated by strength in the mining sector and several earnings reports. Commodities stocks like Rio Tinto and Anglo-American advanced over 0.8%, boosted by an increase in commodities prices. Miner BHP Billiton also contributed to the upward move, reporting that it achieved annual production records in several metals. Shares of luxury goods retailer LVMH Moet Hennessy Louis Vuitton rose 1.8% after it reported first-half sales rose 13% to 6.97 billion euros. Peers Richemont and Swatch also gained ground in Switzerland. The French CAC 40 rose 0.4%, London FTSE 100 gained 0.3%, while DAX 30 declined 0.2%. |
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