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Euro shares have best week run in 7 yrs

Friday, August 17 16:44:03

Europe's top shares hit 13-month highs today, extending their longest weekly winning streak in seven year on signs key euro zone policy makers were moving closer to concerted action to tackle the region's debt crisis.

Spain's Ibex 35 and Italy's FTSE MIB led regional indexes, rising 1.9 percent and 1.3 percent respectively, after German Chancellor Angela Merkel voiced support for European Central Bank President Mario Draghi's crisis-fighting strategy, which is expected to include the purchase of sovereign bonds to bring down the borrowing costs of debt-laden countries.

"The political discussion has become stronger and more constructive," Francesco Curto, head of the CROCI investment strategy & valuation group, said.

"We know that we are going to get a recession but we're not going to get a disorderly adjustment in Europe. This is the view that the market is taking."

The FTSEurofirst 300 index provisionally ended 0.5 percent higher at 1,109.53 points, having hit its highest level since July 2011 at 1,109.95 in afternoon trade. (C ) Reuters