European Shares Edge Off Session Lows Late As US Stocks Gain on Budget Deal


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 sovereign debt.

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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This article appears in: Investing , Commodities

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