European stocks fall on concern over U.S. budget

Italian Ftse Mib stock market bucks the trend with Madrid

European stocks fall on concern over U.S. budget

Milan, December 13 - Markets were weighed down across Europe on Thursday amid concern over US economic growth. Federal Reserve Chairman Ben S. Bernanke said the US plan to buy back some $45 billion a month of state debt would not offset the effects of the fiscal cliff, the more than $600 billion package of spending cuts and tax hikes that could come into effect in coming months if no federal budget agreement is reached. The Frankfurt Dax bourse fell 0.4% to 7,581 , while the Paris Cac 40 Index declined 0.1% to 3,643 points. London's Ftse-100 stock market fell 0.4 % 5,929 points. Italy's Ftse Mib index bucked the trend, rising 0.6% to 15,866 points. The yield spread, a barometer of Italy's borrowing costs in the eurozone crisis, closed at 330 points with 10-year yields at 4.6%. Moody's rating agency earlier in the day said the political turmoil Italy has endured over the last week will have a "limited" impact on its credit rating. Premier Mario Monti at the weekend said he would resign from the helm an emergency technocrat government when the 2013 budget is approved after the People of Freedom (PdL) party of his predecessor Silvio Berlusconi withdrew its support. Berlusconi had said he would run for a fourth term as premier on Saturday but made a partial change of position on Wednesday, saying he would not stand if Monti agreed to head a new conservative coalition at February elections. Madrid's Ibex index also advanced 0.4% to 8,017 points.

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