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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2010/11/ftse-pulls-back-losses-in-us-upturn.jpg"><img class="alignnone size-full" title="The FTSE 100 Index lifted 62 points to 5642.6" src="http://londonglossy.com/wp-content/uploads/2010/11/min-ftse-pulls-back-losses-in-us-upturn.jpg" alt="The FTSE 100 Index lifted 62 points to 5642.6"/></a></p>
<p>The London market has pulled back losses after strong data from the US offset continued concerns over the eurozone debt crisis.</p>
<p>The positive sentiment from the US saw the FTSE 100 Index lift 62 points to 5642.6, as the banking sector resisted pressure piled on by the ongoing problems in Ireland.</p>
<p>Two different reports revealed Americans earned more and spent more last month and the number of people applying for unemployment benefits dropped last week to a two-year low.</p>
<p>The US Commerce Department revealed consumers boosted their spending by 0.4% in October, while incomes rose 0.5%. The Labor Department said benefit claims dropped by 34,000 to 407,000 in the week ending November 20.</p>
<p>The pound subsequently fell against the strengthened dollar to 1.57, but it was up against the euro at 1.18.</p>
<p>The FTSE 100 Index continued to make progress after the Irish Government unveiled a raft of budget measures to restore the State&#8217;s finances by 2014. The government is also negotiating a bail-out package with the EU and IMF, expected to be worth about 85 billion euros (£71 billion).</p>
<p>Royal Bank of Scotland and Lloyds, which both have significant ties to the Irish economy, moved ahead more than 1% and 2% respectively.</p>
<p>Mining stocks recovered from Tuesday&#8217;s losses, triggered by an exchange of fire between North and South Korea. Kazakhmys and Xstrata were up 58p to 1449p and 53.5p to 1323p respectively.</p>
<p>Insurers dominated the fallers board following a Morgan Stanley downgrade for Aviva, which slumped 5.3p to 378p, a drop of around 1.5%. Prudential declined 1p to 589.5p and Resolution fell 1.7p to 225.1p.</p>
<p>On a brighter note, shares in catering giant Compass were more than 7% or 38.5p higher at 566p after it smashed expectations with an operating profits rise of 13% to £1 billion. It also announced a 33% jump in its full dividend to 17.5p a share, while Rolls-Royce lost earlier gains after the manufacturing giant announced it will provide long term services support for engines powering 50 aircraft belonging to Emirates. </p>
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