European Markets Fall on Slow Fiscal Cliff Negotiations

“European stocks declined for a third day as concern U.S. lawmakers won’t agree on a budget before the holiday offset the election in Japan of a party that backs more economic stimulus. U.S. futures rose, while Asian shares were little changed.

Royal KPN NV slumped 14 percent as the Dutch phone company partly owned by Carlos Slim’s America Movil SAB scrapped its dividend. UBS AG (UBSN) lost 0.9 percent as the bank may have to pay as much as $1.6 billion to settle claims of Libor manipulation. PSA Peugeot Citroen (UG) gained 3.1 percent as Europe’s second-biggest carmaker said it is close to finalizing a deal with lenders to refinance debt at its banking unit.”

Full article