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European share rally continues

European share rally continues
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European shares continued last week’s rally on Monday and finished higher for the fourth session in a row, that is the longest stretch of gains since May. Oil company stocks reflected higher crude prices and mining firms also gained, driven by higher copper and gold prices.

Banks reflected the encouraging results from Bank of America and investors’ hopes that the financial sector is stabilising, but analysts said European stocks – which are suffering from the credit crisis that has hit the broader economy – remain under pressure.

HSBC gained on a newspaper report that the global banking group has been talking with China’s sovereign wealth fund over a potential investment.