European Shares Declined Amid Worries Over U.S. Government Budget; Italian Shares Rise on Confidence Vote

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European stocks fell amid worries over the U.S. government shutdown and the showdown lawmakers will have over whether to raise the U.S. debt ceiling.

The European Central Bank kept its key rate unchanged at a record low 0.5%, as expected. It showed no signs of further stimulus in the near future.

Italian shares rebounded after all the members of Silvio Berlusconi's "People of Liberty" (PdL) party backed Prime Minister Enrico Letta in a vote of confidence on Wednesday. Letta won the confidence vote.

In other news, the ADP jobs report showed U.S. private-sector employers added 166,000 jobs in September, well below expectations of a 180,000 number.

In ADR news, Unilever ( UL ) is cut to neutral from buy at UBS.

Portugal Telecom ( PT ) said it is closer to a merger with Brazil's Oi. The merger will generate additional revenue and savings from cost cutting totaling 1.8 billion euros. "The merger will consolidate the position of both companies as the leading operator for Portuguese-speaking countries," PT said.

The FTSE-100 was last down 0.35% at 6,437.50, the DAX down 0.69% at 8,629.42 and the CAC-40 down 0.92% at 4,158.16.



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This article appears in: Investing , Commodities

Referenced Stocks: PT , UL

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