European stocks edged off session lows late in the day, pulled
up by U.S. stocks after the U.S. stalemate came to an end late
Wednesday. Weak corporate news and worries now over the next round
of U.S. budget wranglings, though, kept a lid on gains.
The U.S. passed a short-term budget resolution that would raise
the debt ceiling and reopen the government on Thursday. The deal
will finance the government only until Jan. 15 and raise the
borrowing limit until Feb. 7.
However, Dagong Global Credit Rating downgraded the U.S. to A-
from A and reiterated its negative outlook on the US government,
Bloomberg reports. The rating company said the U.S. will struggle
to avoid repeating this week's political impasse over the limit on
Weak corporate results around the region also weighed. Sulzer,
Outotec Oyj and Remy Cointreau SA were among the losers.
Mild support came from strong UK retail sales. Volumes rose 0.6%
on the month, 2.2% year-on-year, according to the Office for
National Statistics. Economists had expected a rise of 0.4%.
The FTSE-100 ended up 0.07% at 6,576.16, the DAX down 0.38% at
8,811.98 and the CAC-40 down 0.1% at 4,239.64.
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