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Market Update

European Shares Rise; London Plays Catch-up

Aug 30, 2011

European stocks rose in early trade Tuesday, tracking gains on Wall Street overnight, with the London FTSE, opening after an extended weekend, rising the most as it played catch-up to Monday's rally.

At the time of writing, the FTSE was up 2.6% while France's CAC and Germany's DAX rose 0.7% and 0.6%, respectively.

Financial stocks topped the gainers' list. In London, Barclays, Lloyds Banking Group and Royal Bank of Scotland surged between 7.1% and 8.5% after RBS saw a broker upgrade. Elsewhere, BNP Paribas, Credit Agricole, Deutsche Bank and Societe Generale added 1.6% to 2.4%.

Miners BHP Billiton, Rio Tinto, Xstrata and Anglo American were up between 4% and 4.6%.

Shares in Nestle slipped 1.2% after a broker downgrade.

Elsewhere, Asian stocks for the second day, as investors came in to buy risk assets after the recent decline.

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