Most European (SXXP) stocks climbed as the Federal Reserve unveiled a plan to buy $45 billion a month of Treasury securities to stimulate the world’s biggest economy. U.S. index futures fluctuated, while Asian stocks gained. Renault SA (RNO) rose 3.1 percent as the French carmaker sold a stake in Volvo AB (VOLVB) to boost funding. BG Group Plc (BG/) slipped 1.4 percent after appointing a new chief executive officer. The Stoxx Europe 600 Index slipped less than 0.1 percent to 280.56 at 8:05 a.m. in London as four stocks climbed for every three that dropped. Futures on the Standard & Poor’s 500 Index expiring this month added 0.1 percent, while the MSCI Asia Pacific Index advanced 0.3 percent. U.S. stocks initially climbed yesterday after the Fed said it will buy $45 billion a month of Treasury securities starting in January to help stimulate the economy. Asset buying will continue “if the outlook for the labor market does not improve substantially,� the Federal Open Market Committee said yesterday at the conclusion of a two-day meeting in Washington. The Fed already purchases $40 billion a month of mortgage debt. The rally faded as Fed Chairman Ben S. Bernanke said monetary stimulus cannot offset the so-called fiscal cliff, the more than $600 billion package of tax increases and spending cuts that will come into force early next year if politicians fail to agree on a new federal budget. “The initial reaction to the announcement in the risk space was quite positive, but we have since seen risk assets retreat as the euphoria wanes,� Stan Shamu, a market strategist at IG in Melbourne, wrote in a note. Fiscal Cliff White House and congressional officials warned their staffs that they may have to spend the holidays at their desks in Washington, as both sides publicly refused to budge from their positions on taxes and spending. Lawmakers from both parties expressed renewed pessimism yesterday about the prospects of agreeing on a deal before the end of the year. The Stoxx 600 has advanced 1.8 percent so far this month amid speculation that U.S. President Barack Obama will reach a compromise with congressional Republicans. The equity benchmark is headed for its seventh consecutive month of gains, its longest winning streak since 1999. European Union finance ministers reached agreement on a 30 billion-euro ($39 billion) threshold for banks to come under the direct supervision of the European Central Bank, German Finance Minister Wolfgang Schaeuble told reporters in Brussels. Euro- area ministers meet today to discuss Greece and Cyprus. EU leaders also begin a two-day summit on economic and monetary union today in Brussels. To contact the reporter on this story: Adria Cimino in Paris at acimino1@bloomberg.net. To contact the editor responsible for this story: Andrew Rummer at arummer@bloomberg.net.

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