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US housing cheer helps Footsie recover

EUROPEAN markets shook off worries over the inconclusive Italian election result with the help of better news on the American economy.

The FTSE-100 index recouped a large chunk of the losses seen during the previous session to close 55.44 points higher at 6325.88.

While traders warned that fears of more eurozone turmoil due to the latest Italian political crisis had not gone away, there was encouragement in better-than-expected pending new home sales data in the US.

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Finance

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