European Shares Just Firmer, Helped By Italian Rally but Restrained by US Budget Woes

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European stocks were cautiously higher as investors continued to watch the U.S. budget negotiations.

Italian shares gave the region a boost. Shares there rose after a Senate committee recommended former Prime Minister Silvio Berlusconi should be expelled from the chamber for a tax fraud conviction he received back in August. The Committee said it will present its recommendation to expel Berlusconi to the full Senate for a vote within 20 days.

In ADR news, Portugal Telecom ( PT ) was cut to neutral from buy at Citigroup, which said Oi SA ( OIBR ) offers a better business-turnaround bet after the two companies said they would combine into a single-listed entity this week.

Telecom Italia ( TI ) Chief Operating Officer Marco Patuano will take over responsibilities after CEO Franco Bernabe stepped down after clashing with shareholders.

The FTSE-100 was last up 0.08% at 6,453.88, the DAX up 0.29% at 8,622.97 and the CAC-40 up 0.88% at 4,164.25.



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This article appears in: Investing , Commodities

Referenced Stocks: OIBR , PT , TI

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