Steps to replicate:

1) Create news with text within an excerpt macro
2) Create another page with blog-posts macro, as:

{blog-posts:content=excerpts}

3) Notice that the "Read More.." link is not displayed after the news excerpt. This is not subjective to the number of characters included within the excerpt macro, as per:
http://jira.atlassian.com/browse/CONF-11399

The "Read More..." link is displayed when the text on the news is not included within the excerpt macro and the same parameters are used for listing the blogs.