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Market Update

European Stocks Gain Ground

European markets were trading modestly higher Friday with some corporate results in focus.

The CAC 40 Paris edged up 0.2% while the DAX Frankfurt was flat. London's FTSE 100 gained 0.5% at 9:40 a.m. local time.

Sentiment was upbeat at open as investors took cues from their Asian and U.S. counterparts. Markets were also looking forward to U.S. housing data scheduled for release later in the global trading day.

Stocks on the Move
Financials were trading mixed with French lenders BNP Paribas SA and Societe Generale SA adding 0.2% and 0.5% respectively.

Deutsche Bank AG lost 0.6% in Germany while London-listed Lloyds Banking Group slipped 0.1%.

Barclays Plc. rallied 1.1% while HSBC Holdings Plc. was up 0.1%.

Insurance company AXA SA lost 1.4% after its results missed analysts' estimates.

Miners were mostly lower -- BHP Billiton Plc. erased 0.4% while Glencore Xsrata Plc. lost 1.1%.

On the earnings front, French auto parts maker Valeo SA posted better than expected results. Shares of the company soared 11.6% in response.

Others in the sector were also higher -- Volkswagen AG added 0.8% while Renault SA edged up 0.2%.

On the other side, French luxury and sportswear group Kering lost 3% after posting disappointing results.