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Around the World's Markets

STOCKS ON Wall Street gained in early trading as news of a fall in the sales of new homes in May signalled that the economy may be slowing enough to keep the Federal Reserve from raising interest rates.

The downturn in home sales sent bond interest rates lower, but the slide was kept in check by the eighth consecutive monthly rise in US consumer confidence in June. By mid-morning the Dow Jones was up 35 points at 10,690.