EK, isn't it about what noise you hear or what you to read?
But, since we're in a world economy...you've got to look around.
>But bargain hunters helped the Nasdaq recover somewhat from an early selloff. Bellwether Internet stocks, including eBay, up $1.50 to $60.94 and Yahoo!, up $4.50 to $85.75, were down considerably earlier in Monday's session.
And several Internet parts and software companies saw big gains: Ariba rose $8.94 to $122.69, Sycamore Networks rose $8.75 to $87, and Juniper Networks gained $9.81 to $199.56.
>Published: October 9 2000 19:47GMT | Last Updated: October 9 2000 21:22GMT
Deepening concern about technology companies' earnings rippled round the world on Monday, sending stocks lower in Asia, Europe and the US.
The Neuer Markt, Europe's largest market for growth stocks, was battered by fresh waves of selling after the Nasdaq Composite Index slipped further in morning trading in New York.
EMTV & Merchandising, the German media group, was the day's main loser, down more than 30 per cent, after it said it had to restate parts of its half-year results. In Sweden, Bredbandsbolaget, the broadband cable operator, called off its SKr4bn ($406.8) initial public offering, blaming bad market conditions.
By late Frankfurt trading, the Neuer Markt's Nemax-50 index was down more than 5 per cent to 4,490.64, having touched a year low of 4,402.51. The Nemax-50 has lost more than half its value since investors started shedding high-technology shares in April.
In Asia, the Hang Seng index fell 3 per cent, with China Mobile leading the market down. Weaker technology stocks also saw the Bangkok market drop more than 2 per cent to a two-year low. As technology stocks declined, there were some modest signs of "safe haven" buying of European government bonds.
The US bond market was closed for Columbus Day and stock trading was lighter than usual, but investors are still nervous about the prospects for market bellwethers like Intel, the chipmaker, and Apple and Dell, the computer manufacturers. Recently, all three have warned about third-quarter results, exacerbating a slow decline in technology shares. The results season will get under way in earnest on Tuesday when Yahoo!, the internet portal, and Motorola, the mobile phone manufacturer, are expected to report.
In New York on Monday, the Nasdaq had recovered, but the index has fallen about 20 per cent since last month.
T-Online, Europe's largest internet service provider was down 0.5 per cent to E22.50. This downward trend began when the company's chief executive resigned in August, followed by most of the board.
The steepest losers on Frankfurt's main board were all technology businesses. SAP, Europe's largest software company, Epcos, the components maker, Infineon, the semiconductor group, Siemens, the electronics group, and Deutsche Telekom, the telephone carrier, off between 2 and 5 per cent.
US investors are concerned about a general slowdown in spending on the hardware for the internet. |
