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FTSE 100 jumps 2% after German court rejects anti-bailout lawsuits

Leading shares have sprung to life after a German court backed the country’s participation in the Eurozone bailouts.

The constitutional court rejected a number of lawsuits aimed at blocking Germany playing its part in the rescue packages for the likes of Greece – and who knows who else. But it did say that parliament should have more of a say in the matter, with approval needed from its budget committee, which could slow down any further bailouts.

Still, with the Germans key to the future of the beleaguered Eurozone, the news has been welcomed. The FTSE 100 is up 110.06 points at 5266.90, while Germany’s Dax and France’s Cac have both risen 2.5%. The euro has risen around 1%.

The riskier asset classes in the UK market are on their way up again, namely banks and commodity companies. Lloyds Banking Group is up 1.72p at 32.47p while Barclays is 7.2p better at 157.95p. Rio Tinto has risen 110p to £36.59 and BHP Billiton 33.5p to £20.11. © 2011 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds