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mpc: 5 Equity prices, measured in local currency, had fallen a little in the United Kingdom and in the euro area over the month, but had risen a little in the United States. These fluctuations also appeared to be broadly consistent with the pattern of interest rate and exchange rate movements. During the course of 2006, the FTSE All-Share and S&P 500 stock market indices had risen by around 10% and the Eurostoxx index by even more. Part of these rises could be explained by strong corporate earnings growth.