World markets decline as U.S. nears fiscal cliff

Friday, December 28, 2012 | 10:28 a.m. CST; updated 11:25 a.m. CST, Friday, December 28, 2012

MOSCOW — European and U.S. shares traded lower on Friday amid waning hopes that U.S. President Barack Obama and key lawmakers would manage to reach a budget compromise and avoid running over the "fiscal cliff."