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5.30pm Markets Update

European stock markets closed mostly firmer but London bucked the trend, with the FTSE down 0.6% to 5,470 points.

In Paris, the CAC 40 rose 0.3% to 4,369 and in Frankfurt the DAX added 0.7% percent to 6,341.

US shares saw modest gains as reports showing gains in consumer confidence and new home sales eased some fears about the US economic outlook a day after a heavy sell-off.

At 5.15pm, the Dow Jones traded up 0.1% to 11,396 day after a 2.1% slide for the index. The Nasdaq rose 0.05% to 2,367. The market opened weaker but appeared to get a lift from a Conference Board survey showing its consumer confidence index rose to 56.9 from 51.9 in July, a still-weak reading on the index based on a 1985 reading of 100.

A separate report showed US new home sales rose 2.4%in July from June to a pace that fell short of market expectations. The US Commerce Department reported that sales of new one-family homes stood at a seasonally adjusted annual rate of 515,000 units, while the consensus analyst forecast was 525,000.

There were mixed fortunes for two of the Irish stock market's biggest companies following first-half results this morning. Building materials group CRH lost nine cent to €16.62 after reporting a 10% drop in H1 profits and warning of a similar fall for the full year.

Food group Kerry added 27 cent to €19.27 after repeating its full-year earnings forecast following a flat first-half. Overall, the ISEQ was up 26 at 4,347, with pharmaceutical company Elan surging 98 cent to €10.22 on the news that two European patients who recently developed a dangerous brain infection after taking Elan's multiple sclerosis drug Tysabri are now recovering.

Earlier in Tokyo, the Nikkei ended down 0.8% at 12,779.