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Europe: Shares inch higher, led by Valeo, Yara

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[MILAN] European shares rose slightly in early trading on Friday, supported by a weaker euro and strong results from companies such as auto parts maker Valeo and fertilizer firm Yara.

By 0715 GMT, the pan-European Stoxx 600 index was up 0.2 per cent, building on a two-week high hit in the previous session when dovish remarks from European Central Bank chief Mario Draghi sent the euro to its lowest since early March.

The index is down 5.7 per cent so far this year.

Valeo rose 3.8 per cent, leading gainers on the Stoxx index, as it lifted its 2016 profitability target after posting a 16 per cent gain in third-quarter sales.

Yara rose 3.6 per cent after core profit and revenues at the Norwegian based group fell less than expected in the third quarter.

Daimler, however, fell 2 per cent after the German car maker kept its forecast for a slight rise in adjusted full-year Ebit but trimmed its forecasts for sales volume.