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Pharmas And Exporters Boost Europe |
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12:39 PM EST November 29 2006 |
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European stock markets closed sharply higher, ending a five-session losing streak. The markets reversed from weakness after comments from Fed Reserve Chairman Ben Bernanke helped the U.S. dollar recover vs. the euro and the pound. The European common currency dropped 0.4% to $1.3140. The recovery of the greenback reflected strength in the shares of exporter stocks. Automakers BMW and DaimlerChrysler both gained 1%, while Voklswagen rose 4.3% on brokerage upgrade. Pharmaceutical giants also contributed to the advance. AstraZeneca, GlaxoSmithKline, and Sanofi Aventis rose 3% each after Pfizer announced a plan to cut 20% sales force. The French CAC 40 led regional gainers, rising 1.4%, followed by the German DAX 30, up 1.3%, and London FTSE 100, up 1%. |
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