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US consumer sentiment boost European shares

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US consumer sentiment boost European shares

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European shares reversed earlier losses and finished the session positive on Tuesday after the latest US consumer confidence data exceeded expectations. The US Conference Board’s July measure of consumer sentiment rose for the first time since December

German software group SAP and Dutch chemical maker DSM gained on better than predicted earnings. But banks declined after Merrill Lynch’s announcement of massive writedowns and a capital increase.

The dollar strengthened and oil fell more than $4 a barrel, to its lowest price since May, as signs of weakening demand outweighed disruptions to Nigerian crude output.