Lawrence Peterman News
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European stocks capped the first weekly gain since mid-March as the International Monetary Fund raised its forecasts for global economic growth, U.S. corporate earnings beat estimates and German business confidence improved.
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U.K. stocks climbed for a fifth day, the longest stretch of gains this year, as a rally in mining companies offset a selloff in BP Plc, Europe’s second- largest oil company.
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U.K. stocks fell, with the FTSE 100 Index closing below 5,000 for the first time since July 2010, as policy makers failed to reassure investors they can contain the European debt crisis that threatens to curb economic growth.
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European stocks dropped as U.S. payrolls data missed economists’ forecasts and Hungary said its economy is in a “very grave” situation, reigniting concern the region’s debt crisis is spreading.
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European stocks rose for a fifth day, erasing losses for the Stoxx Europe 600 Index in the final hour of trade, as a rally in mining shares offset concern that banks will need to sell more shares to increase their capital.
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U.K. stocks were little changed as the European Central Bank said it will lend banks less than economists had forecast, offsetting a report showing U.S. companies added fewer jobs than predicted in June.
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