Europe Closes Higher

European stock markets closed higher Wednesday as oil futures fell

European stock markets closed higher on Wednesday. In London, the Financial Times-Stock Exchange 100 index rose 18.70 points to 5109.10 as net consumer credit rose more than expected and net mortgage lending increased but CBI June retail sales fell to the lowest level since 1983. 69 FTSE stocks rose, 30 fell on turnover of 1,722,000,000 shares. Bonds rallied; yields on 10-year gilts fell to 4.21% from 4.22% yesterday. Sterling fell to $1.8053. August Brent crude oil futures fell on inventory reports. ITV rose after UK regulators ruled ITV and TV network Five will have their analog license fees cut by half this year as viewers switch to digital reception. Kingfisher rose on Financial Times story that said company may be bought by Wolseley. Thor Mining rose in its initial public offering.

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