Milan

European markets drop amid U.S. growth concern

Obama must tackle fiscal crisis to avoid recession, report says

European markets drop amid U.S. growth concern

Milan, November 9 - Markets fell across Europe on Friday, paced by Milan's FTSE Mib index, as many indexes across the continent were dragged down amid concern about US economic growth. Italy's Ftse Mib index fell 0.1% to 15,181 points. A research document released by the U.S. Congressional Budget Office late Thursday said that if newly elected President Barack Obama failed to address the fiscal cliff, the economy would fall into recession in the first six months of 2013. The president, who was re-elected on Tuesday, has said his priority is that of tackling the "fiscal cliff", or the cutting of public spending and the increase of taxes, in late 2012 and early 2013. The yield spread between 10-year Italian bonds and the German benchmark closed at 362 points. The spread is a barometer of Italy's borrowing costs in the eurozone crisis. Ten-year yields closed at 5%. The Frankfurt Dax bourse fell 0.6% to 7,164 , while London's Ftse-100 stock market fell 0.1% to 5,769 points. Madrid's Ibex index bucked the trend, closing up 0.2% at 7,636 points, while the Paris Cac 40 Index rose 0.5% to 3,423 points.

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