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European stocks fluctuated near a 19-month high as investors awaited developments in U.S. negotiations to avoid the so-called fiscal cliff.
Officials from President Barack Obama’s administration told leaders of U.S. business and financial-services groups that negotiations with House Speaker John Boehner, a Republican, have deteriorated in the last 24 hours, according to a person familiar with the meeting.
Ericsson fell 2.7 percent to 64.55 kronor as the world’s largest maker of mobile-phone networks took the charge for writing down the value of ST-Ericsson. The company said it won’t buy a full majority of the unit after Geneva-based STMicroelectronics said it will exit the venture.
SBM Offshore climbed 14 percent to 10.52 euros, the biggest increase in nine months, as the world’s largest maker of floating oil and gas output platforms sought to settle a dispute with Talisman and wrote off the value of a related operation. The company will sell a 9.95 percent stake to HAL Investments BV for $193 million to restore its balance sheet and meet banking covenants.
Cap Gemini SA, a French computer-services company, slid 2.9 percent to 33.50 euros. Accenture Plc, the world’s second- largest technology-consulting company, reported a decline in first-quarter sales of its advice.
FTSE 100 5,965.36 +3.77 +0.06%
CAC 40 3,664.68 +0.09 0.00%
DAX 7,663.44 -5.06 -0.07%
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