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European stocks declined Friday as a combination of red hot commodity prices, protracted inflation concerns and lingering credit crunch worries torpedoed sentiment.

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The RTS index, a major Russian stock index, had declined by more than 10% by 12:17 p.m. on Wednesday to 652.35 points on declining commodity prices worldwide and a weakening ruble, the day after the Central Bank expanded the corridor of the dollar/euro basket by 30 kopecks.

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