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British banks have been given a boost by their US counterparts after Citigroup posted better-than-expected results. This lifted confidence in London-listed banks as they are yet to report second-quarter figures.
The political uncertainty surrounding Portugal has pushed up eurozone bond yields. The main political parties have restructured the coalition government with the aim of getting the country bad on track to recovery, and to hopefully leave the bailout programme this year.
The mining sector is still in the black despite drifting lower throughout the afternoon. Traders bought mining stocks as China revealed a second-quarter gross domestic product of 7.5%, in line with expectations. Some economists are afraid that China is experiencing a credit bubble, so the report reassured dealers that the country is strong.
In the US, the Dow is up 11 points at 15,475. The US reported mixed economic data this afternoon, with Empire State Manufacturing beating analysts’ expectations and retail sales and business inventories missing estimates.