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Market Update

European Markets Open Higher

European bourses opened higher Wednesday with miners and financial stocks gaining ground after overnight gains on Wall Street boosted sentiment.

The FTSE 100 was up 0.3% at 8:55 a.m. in London, the CAC 40 Paris also inched up 0.1% but the DAX Frankfurt was little changed%.

Stocks on the Move

Mining stocks were modestly higher in London. Anglo American Plc. rose 1.5% while Rio Tinto plc. added 1.1%.

But BHP Billiton Plc. eased 0.5% after posting latest results. The miner posted record volumes of iron ore for the first half of its financial year, but did not upgrade its full-year guidance amid concerns that storms could disrupt mining in Australia.

Banking firms were also trading with gains. French lender Societe Generale SA gained 0.5% while German banking giant Deutsche Bank AG edged up 0.2%.

London-listed Barclays plc. was up 0.3% while HSBC Holdings plc. was little changed.

Dutch semiconductor equipment manufacturer ASML Holding NV soared 6% after reporting a 62% in fourth quarter net profit. The company also reiterated its expectation for the first half of 2014.

Swiss power and technology company ABB Ltd. dropped 3.7% after the company said its fourth-quarter earnings will be hit due to charges pertaining to North-Sea power projects and restructuring.

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