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Market Update

Europe: Stocks Shrug Off Weak Open, Move Higher

Markets in Europe opened weak but shook off losses to trade flat to higher in early trade. Concerns over Greece's sovereign debt and a fresh downgrade of Italy's credit rating continued to weigh on sentiment.

At the time of writing, Britain's FTSE was trading 0.3% higher, France's CAC was down 0.1% while Germany's DAX rose 0.3%.

Banks opened lower but were trading mixed soon: BNP Paribas and Societe Generale fell 2.4% and 2.2%, respectively, while Credit Agricole, Deutsche Bank, HSBC Holdings and Royal Bank of Scotland rose 0.4% to 1.3%.

Last evening, ratings firm Standard & Poor's downgraded Italy's credit rating one notch to A with a negative outlook. While talks continued between Greece and Euro-zone nations as the debt-laden nation strives for emergency aid to service its payment obligations and stave off a default.

The euro lost ground while gold and crude oil also dipped.

In news-driven stocks, Debenhams Plc surged 3.2% after the department-store group reported one-year sales and said it may beat its profit forecast.

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