London's main equities markets moved higher by the end of morning trade on Monday, as strong figures from Reckitt Benckiser and Vodafone helped contribute to a positive start to a busy reporting week for corporate results. Japanese stocks rose moderately on Monday, led by a few sectors that may gain from China's currency revaluation.

Europe's main stock markets edged higher on Tuesday as strong earnings figures from the telecoms sector and a healthy rise in German business confidence outweighed disappointment from Europe's second largest carmaker.

Shares in Europe hit a three-year high on Wednesday, helped by gains in the telecoms sector and strong earnings as the corporate results season got into full swing. In Europe, the telecoms sector continued its recent gains after France Telecom announced it would buy 80 per cent of Amena, Spain's third-largest mobile operator.

Carmakers' shares responded well to the yen's fall and may also have benefited from a subtle change in sentiment on the likely effect of the renminbi revaluation.

Tokyo shares rose on Thursday, lifted by continued demand in the steel and metal sectors and strong performances by major banks.

The FTSE 100 powered past the 5,300 level by mid-morning on Friday, helped by earnings upgrades following one of the year's busiest weeks for corporate news. Consumers appear to be taking the terrorist attacks in London in their stride as new data on Friday showed that consumer confidence increased in July, despite the bombings in the capital.

This article was compiled by Valletta Fund Management Limited, a member of the BoV Group. Valletta Fund Management, The Mall Offices, Level 6, The Mall, Floriana VLT 16. Freephone: 8007-2344. E-mail: infovfm@vfm.com.mt. Website: www.vfm.com.mt

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