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Europe Markets: European stocks gain at the open on U.S. debt limit progress and Asian tech recovery

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Europe Markets: European stocks gain at the open on U.S. debt limit progress and Asian tech recovery

European stocks rose in early action on Thursday, getting a boost after a leading Republican offered a way to temporarily get past a looming deadline for the U.S. debt ceiling to be raised.

Senate Minority Leader Mitch McConnell said his party would not filibuster a short-term debt-limit extension, an offer several Democrats said they would take. The process is still likely to result in another showdown in December, but for now, it doesn’t look like the world’s largest economy will default on its obligations.

The Stoxx Europe 600 SXXP, +0.95% rose 0.9% to 455.56.

Gainers included Spanish utility Iberdrola IBE, +5.25%. , technology investor Prosus PRX, +3.85% and luxury-goods producer Kering KER, +2.76%. Prosus was buoyed by the rally in Tencent 700, +5.56%, the Chinese tech giant in which holds a stake. The Hang Seng HSI, +3.17% surged nearly 3%.

Of the major regional indexes, the German DAX DAX, +1.16% surged 1.1%, the French CAC 40 PX1, +1.08% surged 1.1% and the U.K. FTSE 100 UKX, +0.96% increased 1%.

Futures on the S&P 500 ES00, +0.57% increased 0.6%, after a rise for the S&P 500 SPX, +0.41% on Wednesday.

Source: This post first appeared on http://marketwatch.com/


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