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To: Wyätt Gwyön who wrote (51778)	11/26/1999 2:55:00 AM
From: Caxton Rhodes	Respond to of 152472

Friday November 26 1:00 AM ET Euro Stocks Boom Amid Tech Frenzy By Ron Askew LONDON (Reuters) - With Wall Street shut for Thanksgiving on Thursday European traders had expected the day to be dull and yet European shares sprinted to new records while the euro wobbled again. The main action was in Europe's share markets, which took their cue from Wall Street's Nasdaq .IXIC) index which rose 2.32 percent to a new record close of 3,420.5 on Wednesday. Nasdaq .IXIC), the main market for U.S. technology shares, is now up well over 50 percent this year. The star performer was Italian software house Finmatica which provoked frenzied demand on its debut and hit a high of 40 euros, 700 percent above its five euro float price. The Internet-inspired buying spree lifted the Milan bourse almost two percent to above its end-1998 level for first time since July. The mania for tech stocks and telecoms also drove the Paris bourse up more than three percent to a new record close, its 16th over the past 20 sessions, traders said. Canal Plus surged 18.6 percent to 92 euros amid a re-rating of its interest in inter-active television operations linked to the Internet. French computer companies also surged, led by STMicroelectronics, which rose 11.1 percent. Among the telecoms, France Telecom and Bouygues both rose 5.55 percent, while Alcatel gained 5.3 percent. Germany's DAX index climbed almost 2.5 percent with Mannesmann rallying for a second straight day after its takeover predator Vodafone AirTouch Plc said on Wednesday Mannesmann shareholders overwhelmingly backed its bid. Mannesmann, the most heavily traded stock, put on 8.2 percent. German private bank Merck Finck & Co raised its Mannesmann rating amid expectations Vodafone could raise its all-share bid which was originally valued at 240 euros a share. Other suitors are waiting in the wings if Vodafone's hostile bid failed, Merck Finck said. Meanwhile building firm Philipp Holzmann gained 32.9 percent after a Chancellor Schroeder-led rescue bid succeeded. Britain's FTSE 100 closed up 1.8 percent at a new record at 6,682.8, smashing the previous record of 6,620.6 set on July 6. The new level meant the index has risen by 13.6 percent since the start of the year. It reached an intra-day peak of 6,686.1 as Vodafone Airtouch shot up 7.2 percent and British Telecommunications rose 4.6 percent. ``There have been some stunning moves today,' said a senior equities salesman at a London brokerage. ``But it's an advance across a narrow front,' he added, noting the massive influence of a few key stocks. With the price of a barrel of Brent blend crude oil holding strong at around $25.67 in London, FTSE heavyweight BP Amoco rose 5.8 percent for example. Holzmann Saga Casts Shadow On Euro But the story was very different in the currency markets where the euro sagged to all-time lows against the yen and sterling and drifted near historic lows versus the dollar. The currency fell amid growing concern over structural impediments to capital flows into Europe. Analysts said the German government's interventionist maneuver in rescuing Holzmann repelled investors already put off by the market's dwindling liquidity due to the U.S. Thanksgiving holiday. ``Anything which smacks of interventionism is read as a market negative for the euro,' said David Brown, chief economist at Bear Stearns in London. And a perception that the European Central Bank was following a ``benign neglect' policy on the euro added further pressure to the single currency in late trade. ``Given where euro/dollar is, European Central Bankers are not making as many supportive comments as they should do if they were really concerned about it,' said Michael Metcalfe, treasury analyst at NatWest GFM in London. ``It does signal a kind of benign neglect that the market is concerned about.' The euro fell as low as 106.03 yen against the yen EURJPY-) and 63.02 pence against sterling EURGBP-), according to Reuters data, its lowest since its launch at the start of the year. Euro/dollar EUR-) drifted barely above Wednesday's four-month lows around $1.0150 in late trading, with traders discussing whether, if not when, the $1.00 level would be reached. The Holzmann story highlighted the structural differences between the euro zone and the United States as well as Japan, where a flurry of major restructuring and acquisition deals this year was boosting stock prices, analysts said. Euro zone government bond prices fell in subdued trading as data from major economies within the single currency block pointed to continued rises in inflation and growth. Markets At 1740 Gmt CURRENCIES (figure in brackets previous London close) $/Euro 1.01975 euros (1.0197) $/Yen 104.34 yen (104.565) Stock Markets LONDON -- FTSE 100: 6682.8 points, up 121 or 1.84 percent FRANKFURT -- DAX-30: 5961.45 points, up 142.72 or 2.45 percent PARIS -- CAC-40: 5352.6 points, up 163.22 or 3.15 percent PRECIOUS METALS (figures in brackets previous London PM fix) GOLD -- $298.375 ($297.5) SILVER -- $5.205 ($5.25) Brent crude oil futures $25.45, down $0.16 Earlier Stories