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Hamish McRae: Celebrate Europe's return to growth. Then prepare to face the next crisis

Phew! Europe is growing again. Yes, I know that according to the official statistics the UK is not yet part of that growth but the more I look at the other data the more convinced I am that our stats are wrong and that eventually it will be shown that some growth began in Britain in the third quarter. But we will see. The more important point is that most of the economies of this time zone are moving forward again. That gives a base from which to think about the coming months. What have we learnt and what should we look for?

Market Report: Liberty leads charge on property values

Liberty International led the real-estate sector higher last night, advancing to pole position on the benchmark index after a new survey sparked hopes of a recovery in commercial property values. Data from the Investment Property Databank (IPD) revealed that commercial property values had climbed by 1.9 per cent in October, compared with a 1.1 per cent rise in September. The index showed gains in all three sub-sectors, with retail property rising by 2.6 per cent, industrial property climbing by 1.5 per cent and office values growing by 1.1 per cent. Traders soon piled in, driving Liberty to 504p, up almost 4 per cent or 19p. British Land, at the number two spot on the FTSE 100, rose to 498.2p, up 2.8 per cent or 13.5p, and Hammerson gained 2.3 per cent or 10.1p to 445p. Land Securities was also strong, closing 16p higher at 726.5p.

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