|
|
  |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
European markets off their lows
LONDON, England (CNN) -- European markets ended off their lows on Friday as investors ignored weak U.S. economic data and welcomed a mid-session turnaround on Wall Street. London's FTSE 100 fell 1.1 percent to 3,997 and the CAC 40 blue chip index in Paris lost 1.3 percent to 3,109.51, while Frankfurt's electronically traded Xetra Dax was down 0.1 percent at 3,148.53 in late trading (the German markets was set to close at 1900 GMT). The pan-European FTSE Eurotop 300, a broader index of the region's largest stocks, was down 1.3 percent in late trading. Leading the declines were the insurance and technologies sub-indices. The Labor Department said unemployment rose to 5.7 percent in October from 5.6 percent in September. Employers cut 5,000 jobs from payrolls after cutting a revised 13,000 jobs in September. (Full story) Also on Friday, the Institute for Supply Management said manufacturing activity in the U.S. shrank for a second straight month in October. (Full story) Those numbers could fuel speculation that the U.S. Federal Reserve will cut interest rates next week in an effort to lift the sluggish economy. "The market is essentially looking to the second half of next year, focusing on the fact that if we have easing of monetary policy, the economy should recover and earnings will go up with it," Clive McDonnell, European strategist at Standard & Poor's. European insurance stocks were led lower by the Royal & Sun Alliance (RSA), which dropped 10.34 percent to 101.98 pence after the UK's second biggest general insurer said an engineering firm was suing it over asbestos claims, which could mean it has to make payments and hike liabilities. (Full story) French insurer Axa (PCS) lost 4.5 percent to 14.40 euros, while Allianz (FALV) of Germany was down 1.5 percent to 104.50 euros in late trading and Zurich Financial, which was downgraded by Morgan Stanley, was off 0.5 percent to 138.25 Swiss francs. Technology stocks were also big loser at midday on Friday after their recent strong run-up in stock prices. Nokia, the world's biggest mobile phone company, fell 2.8 percent to 16.67 euros, while Swedish rival Ericsson lost 2 percent to 7.25 crowns. France Telecom (PFTE) slid 3.1 percent to 11.22 euros and Vodafone (VOD), Europe's biggest mobile phone operator, lost 3.4 percent to 98.57 pence in London. The AEX index in Amsterdam fell 1.1 percent and Milan's MIB30 index lost 1.3 percent, while the SMI in Zurich declined 1.1 percent.
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||
