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Royal Bank of Scotland leads the way as FTSE 100 jumps more than 2%

As markets return from the bank holiday weekend in buoyant mood, banks are leading the way forward.

Hit on Friday by continuing worries about Greece’s financial woes and US Federal Reserve chairman Ben Bernanke seemingly ruling out another round of quantitative easing, they are recovering ground following news of a Greek banking merger and a positive note from Deutsche Bank.

Royal Bank of Scotland has risen 1.68p to 23.56p while Barclays is 9.3p better at 164.3p and Lloyds Banking Group is up 1.655p at 31.37p.

These rises helped the FTSE 100 catch up with Monday’s rises on Wall Street and in Asia, with the leading index 118.16 points better at 5248.08.

But Vodafone has missed out on the optimism, down 0.1p to 161.8p as it confirmed it was in talks about a possible co-operation with Wind Hellas, Greece’s third largest telecoms company.

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