Friday 28th August

28/08/09 20:38 CET

markets

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Europe’s stock markets closed at their highest in 10 months after two days of losses, led by commodity and banking shares.

London was up almost one per cent after revised figures showed Britain’s economy shrank by a smaller than expected 0.7 percent in the second quarter though it remains deep in recession. Oil prices rose by as much as one percent which boosted energy stocks. Miners gained from higher metals prices. French beauty products company L’Oreal jumped as it posted a smaller-than-expected drop in first-half profit. Technology shares, including Infineon and STMicroelectronics, benefited from the world’s biggest microchip maker Intel raising its third-quarter sales outlook and as computer firm Dell turned in a better-than expected quarterly performance.More about: European markets, Markets, Oil market

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Mali: Rebel groups agree to creation of Islamic state

Two Rebel groups have agreed to merge and create an independent Islamic state in Northern Mali. After seizing Azawad – an area larger than France – two months ago, the groups had initially disagreed, with the secular Movement for the Liberation of Azawad (MNLA)…