LONDON (MarketWatch)—European stock markets saw modest gains in early action on Friday, a day after the Spanish government revealed its 2013 budget, while investors waited for the results of stress tests on the country’s banks. http://adf.ly/DFebT
The Stoxx Europe 600 index XX:SXXP +0.16% rose 0.2% to 272.17.
Air France-KLM FR:AF +5.02% posted one of the biggest gains, up 5.5%, after UBS lifted the airline’s stock to buy from neutral. http://adf.ly/DFebT
Elsewhere, Spain claimed investor attention after the government announced spending cuts and tax hikes worth 13 billion euros ($16.7 billion) on Thursday, along with regulatory overhauls. Key to markets was an endorsement by the EU’s commissioner for economic and monetary affairs, Olli Rehn, who said the reforms are “clearly targeted at some of the most pressing policy changes.” http://adf.ly/DFebT
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