11 July 2005, 14:26  Investors move on from London bomb reaction

European shares stormed past their pre-London bombing levels and some safe-haven investment flows unwound on Monday, while the dollar's rally spluttered last week's disappointing U.S. jobs data. Equities were building on Wall Street's strong performance last Friday and on a weaker oil price, moving away from fears created by the bombings on London's transport system last Thursday. London Brent and U.S. crude futures fell as concern eased about damage to Gulf of Mexico oil and gas facilities after the passage of Hurricane Dennis through the region. August Brent was down 92 cents to $57.28 a barrel, while U.S. light crude fell 88 cents to $58.75 a barrel. Both prices were well below the recent $61 range that worried investors who saw it as a threat to global economic growth. Bullish sentiment pushed major stock equities above the levels they were when the bombs in London sent seemingly short-term jitters across markets. London, Zurich, Frankfurt and Paris all hit three-year highs. The FTSEurofirst 300 was up 0.47 percent, just off a three-year high. The DJ Euro STOXX 50 was up 0.77 percent. Earlier, Japan's Nikkei average rose 0.94 percent to a 13-week closing high of 108.80 points at 11,674.79, its highest finish since April 11. The broader TOPIX index put on 0.63 percent to 1,185.02.

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