October 12, 2011 7:28 PM

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Asian, European market gain in early trade

Most Asian equity markets rose, today, with gains for Chinese banks working to offset losses connected to weak results from US aluminum giant, Alcoa, and a snag for Europe's bailout-fund expansion. So Hong Kong's Hang Seng index rose 1%; China's Shanghai Composite index surged 3%; South Korea's Kospi rose 0.8%; and Singapore's Strait Times index advanced 1.7%. But Japan's Nikkei 225 index fell 0.4%;European markets also gained. Key benchmark indices in the UK, Germany and France were up by between 0.6% to 1.6% in intra-day trade today. Slovakia's parliament, yesterday, rejected plans to expand the European Financial Stability Facility. But a deal to expand the rescue fund is still expected to be reached this week, as the major opposition party is likely to support the proposals in a second vote.

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