Europe Closes Higher

European stock markets closed higher Wednesday in a broad based rally fueld by low U.S. inflation data and slumping oil prices

European stock markets closed higher on Wednesday. In London, the Financial Times-Stock Exchange 100 index rose 50.90 points to 4949.40 in a broad based rally fueled by low U.S. inflation data and slumping oil prices. Traders ignored reports UK earnings growth slowed in the three months to April and jobless claims rose. 88 FTSE stocks rose and 12 fell on turnover of 1,771 billion shares. Yields on 10-year gilts fell to 4.33% from 4.34% yesterday as the Bank of England policy makers voted at their last meeting to keep rates steady. The sterling was up at $1.8394. BP and Shell Transport rose despite a lower Brent. Scottish & Southern Energy rose as company posted a 29% hike in second half income. But Regal Petroleum plunged 61% as an appraisal well in Greece failed to discover enough natural gas for production.

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