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The rally that lifted Europe's stocks by the most since February lost steam as declines in Italian banks countered a jump in commodity producers.The Stoxx Europe 600 Index lost 0.7 percent at 3 p.m. in London, with the volume of shares changing hands about 25 percent lower than the 30-day average as the U.S. market was closed for the Independence Day holiday. Banca Monte dei Paschi di Siena SpA sank 10 percent, leading the industry lower, while miners of precious metals Fresnillo PLC and Randgold Resources Ltd. climbed at least 4.5 percent with gold set for its highest closing price since March 2014 .Italy's FTSE MIB Index was the biggest decliner in Western European markets, sliding 1.4 percent, as its lenders dropped after the ECB requested Monte Paschi to draw up a plan for tackling its bad-loan burden, asking it to reduce its load of soured debt.
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