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| UK Market Update Archive: |
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Xstrata Lift Miners, Fed Moves Financials
Jul 30, 4:55 PM ET |
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| A coordinated move between the Fed, the Swiss National Bank and the ECB to increase liquidty lifted financial stocks. |
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| UK stocks closed higher led by miners and financials. The Fed in a conjunction with the Swiss National Bank and the ECB increased its dollar loan facility in Europe, offered longer dated short term loans and extended its access to discount window facility to commercial banks. Separately, Lloyds TSB fell 5% after it reported 70% decline in profit for the first half. However, Xstrata rose 6% after it estimated higher copper and nickel prices and higher output in the second half. |
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