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Market Update : 
Banking Shares Help Europe
Author: Elena Todorova
123jump.com
Last Update: 1:52 PM EST December 08 2006

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European stocks closed modestly higher Friday, as gains in the banking sector managed to offset weakness among mining stocks. Barclays climbed 3.3% in London on speculations Bank of America is interested in making a bid for $117.6 billion, offering a premium of 25% to 30%. The U.K. FTSE 100 rose 0.3%, followed by the German DAX 30, up 0.2%, and the French CAC 40, up 0.1%.

 
Oil and gold

Crude oil for January delivery advanced 31 cents to $62.80 a barrel in electronic trading on the NYME, up from $62.49 a barrel on Thursday. January Brent crude at London ICE Futures exchange gained 33 cents to $62.90 a barrel.

Currencies

In early European trading, the euro traded at $1.3284, up from $1.3280 in New York late Thursday. In England, the Bank of England abstained from hiking its rate and held it firm at 5 percent Thursday. The British pound traded on Friday at $1.9674, up from $1.9620 on Thursday. The dollar gained slightly to 115.32 Japanese yen from 115.29 yen.
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