Article updated: 12/28/2012 11:49 AM

European stocks down US ‘fiscal cliff’ talks

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A Filipino trader blows a horn during the last day of trading this year at the Philippine Stock Exchange in the financial district of Makati, south of Manila, Philippines Friday.

Associated Press

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European shares traded lower early on Friday on waning hopes that U.S. President Barack Obama and key lawmakers would manage to reach an 11th-hour budget compromise.