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US and European stocks maintained their upward momentum as positive earnings announcements on both sides of the Atlantic offset lingering concerns over global growth and eurozone debt.

A welter of mostly disappointing US economic releases highlighted some of the headwinds facing the world economy.

Furthermore, Spain’s 10-year government bond yield – closely watched as an indicator of eurozone stress – broke back above 7 per cent following a disappointing debt auction in Madrid.

“Current funding levels are not sustainable but they are unlikely to improve unless eurozone policy makers decide to take risk off the balance sheet of the sovereign, said Divyang Shah, global strategist at IFR Markets.

“With non-resident investors continuing to look for the exit on their holdings of Spanish debt, and data still showing capital flight from domestic banks, it is not surprising that worries remain over whether Spain can continue to access funding markets.

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