Signs of life in the U.S. housing market combined with JPMorgan's vastly improved bid for Bear Stearns to lift prices sharply higher across global equity markets yesterday, although the dollar remained weak. European shares, reopening after a four-day weekend, were up close to 3 percent, following on from strong gains in Asia. Euro zone government bond prices fell sharply as equities rose. Markets were being driven by Monday's report of a surprising rise in sales of U.S. pre-owned homes last month.

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