Techs, drugs boost Europe
European bourses advance in early trading before expected U.S. rate cut
August 21, 2001: 4:30 a.m. ET
LONDON (CNN) - Europe's main bourses were higher in early trading Tuesday, boosted by technology and pharmaceutical stocks.
Swiss healthcare group Novartis rose 3.7 percent in Zurich after U.S. drug regulators gave approval for it to launch cancer drug Zometa.
Technology shares staged a rally amid expectations of a U.S. rate cut later on Tuesday.
London's FTSE 100 rose 0.5 percent to 5,383.8, the blue-chip CAC 40 in Paris climbed 0.6 percent to 4,820.2 and Frankfurt's Xetra Dax was up 0.8 percent at 5,249.3.
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ARM Holdings (ARM), Europe's biggest chip designer, led the gainers in London, rising more than 4 percent, while software company CMG (CMG) gained 2.7 percent.
World No. 1 mobile-phone operator Vodafone Group (VOD) was up 2.3 percent.
Among drug makers, GlaxoSmithKline (GSK) gained 1.3 percent and AstraZeneca (AZN) rose 0.8 percent.
In Paris, aerospace giant EADS (PEAD) topped the gainers, rising 3.9 percent while the continent's fourth-ranked telecom equipment maker Alcatel (PCGE) climbed 1.9 percent.
Cap Gemini Ernst & Young (FEPC), Europe's biggest computer services group, rose 1.3 percent and the continent's largest chipmaker ST Microelectronics (PSTM) advanced 1.1 percent.
Mobile phone operator Orange (PORA) was up 1.4 percent.
Financial services company MLP (FMLP) was the best early performer in Frankfurt, rising 4.3 percent, while Infineon Technologies (FIFX), the second-largest European chipmaker, rose 3.5 percent.
SAP (FSAP), Europe's biggest software company, was up 1.5 percent.
Mail company Deutsche Post (FDPW) climbed 1.9 percent.
In Amsterdam, the AEX index rose 0.6 percent along with the SMI in Zurich. Milan's MIB30 was up 0.4 percent.
The pan-European FTSE Europtop 300, a broader index of the region's largest stocks, advanced 0.6 percent, with the information technology, computer, pharmaceutical and telecom sectors the main gainers, all rising more than 1 percent.
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In the U.S. on Monday, renewed hope for an economic and corporate profit turnaround boosted Wall Street as traders prepared for an expected interest rate cut by the Federal Reserve on Tuesday.
The Dow Jones industrial average advanced 79.29 points to end at 10,320.07. The Nasdaq composite index gained 14.33 points to 1,881.34.
Wall Street was expected to open higher later on Tuesday. S&P 500 index futures rose 0.7 points to 1,176.4 on the Globex trading system, while fair value, a measure that takes account of interest costs and dividend payments, was calculated at 1,174.5.
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