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European Markets Trade Higher on Glencore IPO and Fed Speak

“European stocks rose after the U.S. Federal Reserve signaledinterest rates will remain low and metal prices advanced on bets Chinese demand will escalate, boosting confidence in a global economic recovery. U.S. futures climbed and Asian shares fell.

Glencore International Plc advanced 1.8 percent on its first day of trading in London after it sold $10 billion of stock in an initial public offering. BP Plc (BP/) climbed 1.9 percent as BofA Merrill Lynch Global Research advised buying the shares. Pandora A/S, the Danish maker of jewelry, slumped 15 percent after saying it has lifted prices globally for the first time in its history because of rising silver and gold costs.

The Stoxx Europe 600 Index gained 0.9 percent to 280.57 at 10:58 a.m. in London. The gauge is still down 3.7 percent from this year’s high on Feb. 17 as a selloff in commodities and concern the debt crisis will derail the economic recovery overshadowed company profits and government stimulus measures. Futures contracts on the Standard & Poor’s 500 Index expiring next month rose 0.4 percent. The MSCI Asia Pacific Index dropped 0.3 percent.”

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