Global Markets: U.S. dollar and stocks gain, Italy budget woes hit Europe

By Hilary Russ NEW YORK (Reuters) - The U.S. dollar and stocks gained on Friday, but Italy's government bonds, European stock markets and the euro were slammed by deepening worries about the Italian budget and its new higher-than-expected deficit target. Rome on Thursday targeted a budget deficit of 2.4 percent of gross domestic product (GDP) for the next three years, marking a victory for party chiefs over economy minister Giovanni Tria, an unaffiliated technocrat.

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