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Bears are beaten back by merger and buy-out deals

Jittery markets across Europe beat back the bears yesterday on merger and acquisition activity and news of the plan to shore up US mortgage giants Fannie Mae and Freddie Mac - but Wall Street could not hold on.

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MARK SMITH, Deputy Business Editor

Jittery markets across Europe beat back the bears yesterday on merger and acquisition activity and news of the plan to shore up US mortgage giants Fannie Mae and Freddie Mac - but Wall Street could not hold on.