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European shares closed mixed on Monday, with Greece struck by renewed political uncertainty after its politicians failed to agree on a new president.
However, stock indexes in "peripheral" Europe underperformed, led by Greece. The Athens index closed down around 3.9 percent, with the Italian FTSE MIB down 1.1 percent and the Spanish IBEX lower by roughly 1 percent.
Greek stocks and bonds were hit after politicians in the country failed for a third time to endorse Prime Minister Antonis Samaras' preferred candidate. This means that general elections will occur early next year, potentially jeopodizing Greece's hard-won economic recovery.
"A perfect political and economic storm is brewing," said BBH currency strategists led by Marc Chandler in a research note published Monday.
Outside of Greece, the FTSE 100 was boosted by a rally in its heavily weighted basic resources sector. Reports of further liquidity measures in China helped, with miners heavily exposure to the world's second-largest economy.
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