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London -
European stocks rose on Tuesday on renewed hopes for a Greek debt deal,
though gains were capped by weaker-than-expected US data that cast
doubt on the strength of the world's biggest economy.
Near-bankrupt Greece
struggled on with its foreign lenders on Tuesday to show them it can
ram through spending cuts and labor reform in exchange for a crucial
debt swap deal and a 130 billion euro bailout package needed to avoid an
unruly default.
"People have
become more optimistic for a positive outcome (on Greece) and they're
now focusing on fundamental corporate and economic data," said Ian King
head of international equities at Legal & General, which has 356
billion pounds under management.
"We would need a further uptick in economic indicators to justify the recent move in markets."
The FTSEurofirst 300 index of top European shares rose 0.7% to a provisional close of
1 037.62 points. It gained 3.6% in the month of January.
US
home prices fell more steeply than expected in November, and consumer
confidence soured in January, highlighting the hurdles still facing the
economic recovery.