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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Dealer who wrote (1968)	9/18/2000 8:12:12 AM
From: Dealer	Read Replies (1) \| Respond to of 65232

EUROPE--Techs weigh on Europe's markets Chip stocks, Smith Industries decline; oils gain By Philip Stafford, FTMarketWatch 12:42:00 PM BST Sep 18, 2000 LONDON (FTMW) -- European markets came off earlier lows but remained in the red by mid session on Monday, as tech and cyclical stocks fell on concern continued high oil prices may slow economic growth and hit company profits. Semiconductor stocks led the way, under pressure from heavy declines in Asia and on the Nasdaq on Friday. Dutch chipmaker Philips [PHG] led the way, down 4.3 percent, with the U.K.'s ARM Holdings [UK:ARM] nearly 3 percent lower. Energy stocks supported the market, as concerns over supply boosted the price of crude oil. See story. BP [UK:BP] was the leading gainer, up 2.6 percent. "People generally perceive the high oil price will be staying higher for longer now," said Joe Hall, head of European equities marketing at Deutsche Bank in London. "People are worried the prices may slow economies." The FTSE Eurotop 100 index [UK:1883619] came off earlier lows but remained down 0.6 percent. The DJ-Stoxx tech stocks index suffered most, falling as much as 1.6 percent. Cyclical stocks, such as airlines, were also hit by concern over continued high oil prices. The sector declined 1.5 percent on the DJ-Stoxx cyclical index. Another record low for the euro also weighed on European stocks, as investors remained wary about future profit prospects. The currency briefly weakened to 85 cents against the dollar. See story. A re-weighting of the world's stock indexes kept the London FTSE 100 index close to positive territory. See story. Techs slide Techs and telecoms stocks continued falling as investors remain concerned on the outlook for sectors that depend on benign economic conditions. "The industrially sensitive stocks now face the probably challenge of negative earnings revisions as the economy slows," said Schroder Salomon Smith Barney in a research note. "These are not classic times to own value stocks (such as TMTs)," the note said. The world's largest mobile telephony group Vodafone [UK:VOD] [VOD] fell 1.9 percent, French telecoms equipment maker Alcatel [FR:013000] was down 3.5 percent while Cable & Wireless [UK:CW] also slipped 3.9 percent. U.K. electronic part distributor Electrocomponents [UK:ECM], and Irish-based e-security company Baltimore Technologies [UK:BLM] [BALT] , which both entered the FTSE 100 index on Monday, fell 2.7 percent and 5.5 percent respectively. Tech-weighted indices also fell on the negative outlook. The TechMARK [UK:1859502] was down 1.5 percent while the Neuer Markt [DE:1809455] slipped 0.8 percent. Declines in Alcatel helped push the Paris CAC 40 index [fr:1804546] 1.3 percent lower. The Frankfurt DAX [de:1876534] was down 0.8 percent. See indices. The FTSE 100 index [uk:1805550] was unchanged, down only 0.03 percent. Gigabell [DE:625170] was the largest faller on the Neuer Markt, falling 64 percent after the company faces bankruptcy. See story. Marks & Spencer rises, Smith slides Among other movers, Marks & Spencer [UK:MKS] also rose 0.2 percent after the company confirmed chief executive Peter Salisbury had resigned. See Story. British Telecom [UK:BTA] gained 1.6 percent after it confirmed it's in talks with AT&T [T] about changes to their global alliance, including possible spin-offs and mergers. See story. U.K. engineering company Smith Industries [UK:SMIN] fell 11.6 percent after it announced a merger with TI Group [UK:TI.], creating a company with a market value of 4.5 billion pounds. See story. T.I Group was unchanged on the news. Dresdner Bank [DE:535000] fell 2.4 percent after confirmed it's buying U.S. investment bank Wasserstein Perella. See Story.