STOCKS NEWS EUROPE-Bellway up; UBS upgrades to "buy"

Shares in Bellway (BWY.L) climb 2.6 percent as UBS raises its recommendation on the British housebuilder to "buy" from "neutral", citing stabilising economic trends pointing to a more optimistic outlook.

"There is now upside risk to our forecasts if the stabilising trends of the first six months of 2009 persist," the broker says.

UBS adds: "The company has shifted its emphasis of pure debt reduction to one of selectively acquiring land."

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