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Around the World's Markets: Frankfurt

GERMAN SHARES rose more than 1 per cent as a 50 basis point rise in euro-zone interest rates left the market satisfied that the European Central Bank would take no further action in the near-term.

The DAX closed 1.34 per cent higher at 5,635.62 points. The ECB raised its main refinancing rate to 3 per cent from 2.5 per cent, meeting market expectations of a tightening in policy. Market volumes had been low ahead of the hike but active buying soon kicked-in after the decision.