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European Stocks Rise on G7 Talks

Markets look to finance chiefs of Group of Seven countries to take measures to stem euro debt crisis.

PARIS European stock markets were stable to higher in mid-morning trading on news that the finance chiefs of the Group of Seven leading industrialized powers will hold emergency talks today on the euro zone debt crisis.

 

The CAC 40 in Paris led the gains with a rise of 0.5 percent to 2,970.28. Germany’s DAX index and the FTSE MIB in Milan were unchanged at 5,981.61 and 12,900.11, respectively. U.K. markets were closed today for a public holiday.

 

The euro traded at $1.24, while the pound traded at $1.54 at 10:50 a.m. CET.

 

Retail and luxury stocks gained ground, with Yoox up 2.2 percent to 11.50 euros; Swatch Group rising 1.7 percent to 61.70 Swiss francs; Ferragamo gaining 1.4 percent to 15.21 euros, and LVMH Moët Hennessy Louis Vuitton advancing 1.1 percent to 112.95 euros.

 

Markets are hoping that the G7 group could call for concerted action to stem economic turbulence, amid fears that Spain may be headed for a banking crisis and that an election in Greece on June 17 could prompt it to leave the European single currency.