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Politics : Formerly About Applied Materials

AMAT 259.65

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1:48 PM EST

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To: StanX Long who wrote (59678)	1/30/2002 3:59:58 AM
From: StanX Long	Read Replies (1) of 70976

Eurostocks fall on NY, Tokyo; ABB slumps Reuters, 01.30.02, 3:30 AM ET forbes.com By Alison Tudor LONDON, Jan 30 (Reuters) - European markets fell in early trade on Wednesday after Wall Street dropped to its lowest close in nearly three months on rekindled earnings worries and Tokyo slipped below a psychologically key level. ABB fell six percent after announcing charges against its 2001 earnings to increase its provisions for U.S. asbestos claims and warning that it now expects a 2001 loss due to those provisions. At 0826 GMT the FTSE Eurotop 300 index of pan-European blue chips was 1.1 percent lower while the narrower DJ Euro Stoxx 50 index was 1.3 percent weaker. In New York the Dow Jones industrial average ended 2.51 percent lower and the tech-laden Nasdaq Composite stopped down percent 2.62 percent, as confidence about the soundness of corporate accounting slid in the wake of the scandal enveloping energy trader Enron. Tokyo stocks slid, forcing the benchmark Nikkei average below 10,000. "Investors are coming back down to earth as mixed corporate results have not confirmed the pick-up in profits that the market was expecting," said a trader at WestLB Panmure trader in Dusseldorf. "It's not going to be a happy day today," he said. Technology stocks led the market lower with Nokia down 3.12 percent and Alcatel off 2.6 percent, the sector reflecting the Nasdaq tumble.

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