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Markets: 11th November

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Markets: 11th November

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European shares finished at their highest in three weeks, led by financials after better than expected results from France’s Credit Agricole, ING of the Netherlands and Italy’s biggest bank Unicredit.

Investors also reacted to strong Chinese factory output growth figures. The dollar hit a fresh 15-month low after remarks from Federal Reserve officials about a weak and erratic economic recovery reinforced the view US interest rates will remain near zero for some time. Gold prices, boosted by the falling dollar, rose to record highs above $1,118 an ounce. Sterling fell sharply against the euro and the dollar after Bank of England Governor Mervyn King said it’s open-minded about pumping more money into the economy and highlighted the benefits of a weak pound.