UK stocks : FTSE 100 falls 0.2 pct
than anticipated and Tele2 bidding aggressively to secure all new entrant spectrum," JPMorgan Cazenove said in a note.
"This will raise concerns around the Dutch mobile market outlook, which we believe is negative for all operators."
Prices in the spectrum auction were so high that market leader KPN said it would have to cut dividends to afford its licences. KPN shares dropped 15 percent in Amsterdam.
In London, the FTSE 100 closed down 9.61 points or 0.2 percent at 5,912.15, albeit bouncing off session lows below the psychologically important 5,900 late in the afternoon as Wall Street put in a firm early performance.
U.S. blue chips were 0.7 percent higher by London's close as investors eyed signs of movement in key budget talks.
Republican House Speaker John Boehner edged closer to Democrat President Barack Obama's key demands in negotiations to avert the "fiscal cliff" of tax hikes and spending cuts set to take effect by Dec 31 unless Congress intervenes.
"U.S. lawmakers have this week left to dig in their heels and flesh out a deal otherwise it is unlikely the FTSE 100 will be sitting above that 5,900 level by the end of the year," Ishaq Siddiqi, market strategist at ETX Capital said.
MINERS UNDERPIN
Strength in miners helped limit the blue chip falls, adding over 8 points to the index, with the sector supported by improving data from top metals consumer China, following a year of underperformance which has seen the sector fall 1.6 percent compared with the FTSE 100's 6.3 percent rise.
"Materials is the only
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