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It appears that for the time being, the world's financial markets have largely forgotten about the possibility of an EU breakup. If you're interested in finding interesting stock ideas from Europe, here is a list you may like.

We ran a screen on US-traded stocks based in European countries for those rallying above their 20-day, 50-day, and 200-day moving averages. We then screened these stocks for those with the most significant net institutional purchases over the current quarter, indicating institutional investors such as hedge fund managers believe these stocks will outperform.

Interactive Chart: Press Play to compare changes in analyst ratings over the last two years for the top six stocks mentioned below. Analyst ratings sourced from Zacks Investment Research.‬

We also created a price-weighted index of the stocks mentioned below, and monitored the performance of the list relative to the S&P 500 index over the last month. To access a complete analysis of this list's recent performance, click here.

Do you think these stocks will continue to outperform in 2012? Use this list as a starting point for your own analysis.

List sorted by net institutional purchases as a percent of share float.

1. ICON plc (NASDAQ:ICLR): Provides outsourced development services to the pharmaceutical, biotechnology, and medical device industries primarily in Ireland, the United States, and rest of Europe. Ireland. The stock is currently trading 6.20% above its 20-day moving average, 15.02% above its 50-day MA, and 1.87% above its 200-day MA. Net institutional purchases in the current quarter at 2.6M shares, which represents about 4.48% of the company's float of 58.09M shares.

2. ASM International NV (NASDAQ:ASMI): Engages in researching, developing, manufacturing, marketing, and servicing equipment and materials used to produce semiconductor devices. Netherlands. The stock is currently trading 7.13% above its 20-day moving average, 19.78% above its 50-day MA, and 15.96% above its 200-day MA. Net institutional purchases in the current quarter at 1.9M shares, which represents about 4.26% of the company's float of 44.60M shares.

3. VimpelCom Ltd. (NASDAQ:VIP): Operates as an integrated telecommunications services provider, offering voice and data services through a range of wireless, fixed, and broadband technologies. Netherlands. The stock is currently trading 7.02% above its 20-day moving average, 9.34% above its 50-day MA, and 1.45% above its 200-day MA. Net institutional purchases in the current quarter at 12.0M shares, which represents about 4.19% of the company's float of 286.28M shares.

4. Altisource Portfolio Solutions S.A. (NASDAQ:ASPS): Provides services related to real estate and mortgage portfolio management, asset recovery, and customer relationship management primarily in the United States. Luxembourg. The stock is currently trading 1.58% above its 20-day moving average, 4.91% above its 50-day MA, and 32.81% above its 200-day MA. Net institutional purchases in the current quarter at 579.1K shares, which represents about 4.14% of the company's float of 13.99M shares.

5. Intercontinental Hotels Group plc (NYSE:IHG): Owns, manages, franchises, and leases hotels and resorts. United Kingdom. The stock is currently trading 7.65% above its 20-day moving average, 18.17% above its 50-day MA, and 13.83% above its 200-day MA. Net institutional purchases in the current quarter at 10.3M shares, which represents about 3.66% of the company's float of 281.09M shares.

6. Xyratex Ltd. (NASDAQ:XRTX): Provides modular enterprise-class data storage solutions and storage process technology. United Kingdom. The stock is currently trading 6.08% above its 20-day moving average, 15.52% above its 50-day MA, and 50.43% above its 200-day MA. Net institutional purchases in the current quarter at 967.4K shares, which represents about 3.61% of the company's float of 26.82M shares.

7. Mettler-Toledo International, Inc. (NYSE:MTD): Manufactures and supplies precision instruments and services worldwide. Switzerland. The stock is currently trading 6.62% above its 20-day moving average, 14.87% above its 50-day MA, and 16.76% above its 200-day MA. Net institutional purchases in the current quarter at 938.0K shares, which represents about 3.04% of the company's float of 30.86M shares.

*Institutional data sourced from Fidelity, all other data sourced from Finviz.

Source: 7 Rallying European Stocks Being Bought Up By Hedge Funds