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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/01/ftse-climbs-as-banks-recover-losses.jpg"><img class="alignnone size-full" title="The FTSE 100 Index stood 73.5 points higher at 6058.9 by mid-session" src="http://londonglossy.com/wp-content/uploads/2011/01/min-ftse-climbs-as-banks-recover-losses.jpg" alt="The FTSE 100 Index stood 73.5 points higher at 6058.9 by mid-session"/></a></p>
<p>The increasing prospect of a boost to Europe&#8217;s bailout fund spurred on banking stocks and moved the London market higher.</p>
<p>The richest nations in Europe signalled their willingness to bump up the European Stability Fund &#8211; most recently used by Ireland &#8211; at a meeting of finance ministers in Brussels, calming investors&#8217; nerves.</p>
<p>The FTSE 100 Index rallied more than 1% or 73.5 points to 6058.9 as banking stocks recovered from Monday&#8217;s losses.</p>
<p>Fears surrounding the ongoing debt woes on the continent have troubled European markets for months, as uncertainty mounts over the future of other key economies, including Portugal and Spain.</p>
<p>It was reported that governments which enjoy a &#8220;triple-A&#8221; credit rating on international borrowing markets resolved in private talks to boost lending capacity for more troubled partners.</p>
<p>Barclays, which is heavily exposed to the Iberian peninsula, moved more than 1% or 4.1p to 310.6p, while HSBC added 10.2p at 713.7p and Lloyds edged ahead 0.4p to 68.5p.</p>
<p>Meanwhile, Fashion house Burberry topped the risers&#8217; board after it delivered another forecast-beating trading update.</p>
<p>The retailer surged more than 4%, up 45p to 1104p, after underlying revenues rose 27% in the third quarter and it guided the market towards full-year profits at the top end of City expectations.</p>
<p>Miners also recovered from losses on Monday, sparked by uncertainty around China&#8217;s plans for monetary tightening, with Kazakhmys up 46p at 1662p and Eurasian Natural Resources up 25p at 1097p. Other stocks on the front foot included SABMiller after the brewing giant&#8217;s third quarter beer volumes beat expectations, causing shares to rise by 2% or 39p to 2211p.</p>
<p>On a shortened fallers board, GlaxoSmithKline fell after Monday&#8217;s announcement that the cost of settling legal disputes over controversial diabetes drug Avandia will hit a record £2.2 billion and wipe out profits for the fourth quarter. Shares fell 25.5p to 1179.5p, a drop of 2%.</p>
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