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Technology Stocks : Dell Technologies Inc. -- Ignore unavailable to you. Want to Upgrade?

To: OLDTRADER who wrote (128768)	5/26/1999 5:46:00 AM
From: stockman_scott	Respond to of 176387

<<FOCUS-European shares open cautiously higher By Naomi Wimborne-Idrissi LONDON, May 26 (Reuters) - European shares brushed aside Wall Street's fourth consecutive decline to open mainly higher on Wednesday, while the dollar clawed back overnight losses against the yen and gold fell to a 20-year low. Early expectations of a weak stocks opening were confounded as investors took heart from gains on U.S. S&P index futures and looked forward to a recovery after the Dow fell one percent on Tuesday and the Nasdaq three percent. ''People are looking at the S&Ps and expecting Wall Street to eliminate some of its losses,'' one dealer said. ''But we've got a long way to run before Wall Street opens and plenty of room for pressure on the downside.'' -------------------------------------------------------------------------------------------------- MARKET PRICES AT 0916 GMT EURO 1.0573/79 YEN 122.09/14 STERLING 1.6036/39 GOLD $269.50/270.00 -2.80 (pvs PM fix) BRENT $15.44 +0.01 FTSE 6258.1 +8.80 CAC 4,372.98 -0.80 X-DAX 5180.05 +14.33 -------------------------------------------------------------------------------------------------- Spot gold hovered below $270.00 an ounce, its lowest since May 24, 1979, driven lower by Bank of England Governor Eddie George's defence of Britain's plan to sell most of its gold reserves. Oil prices rose despite news Iraq would maintain for a further six months oil sales under a United Nations humanitarian programme. Benchmark Brent crude opened a touch higher at around $15.49. The dollar dipped in Asian trading as low as 121.60 yen -- its lowest level in over a week -- due to worries about the outlook for U.S. share prices and recent economic developments in Latin America. But the greenback pared some of its losses after the head of the government's tax panel denied market rumours of a possible cut in Japan's sales tax. The dollar staged a hesitant recovery to trade just below 122 yen early in Europe compared with 122.33/43 yen in late New York on Tuesday. The euro was steady at around $1.0573. In stock markets the pan-European STOXX50 index turned 0.84 percent higher, London's FTSE 100 rose 0.6 percent and Frankfurt's Xetra DAX was up 0.24 percent by 0915 GMT. In Paris a 0.48 percent lower opening for the CAC-40 was tempered by the S&P rebound. In Germany, while the DAX was higher, software stock SAP fell as much as two percent after a sell-off in U.S. technology shares. Finnish stocks brushed off a sharp overnight fall in U.S. technology stocks and followed heavyweight Nokia, up 0.96 percent at 68.5 euros, higher in a positive but cautious mood. ''Nokia is starting to look attractive in terms of valuation,'' said Evli Securities telecom analyst Martti Larjo, adding that Nokia's month-long decline of about 11 percent had not been based on any fears about trends in the company's earnings. In Italy, Milan bourse indices recovered from a weak start and Telecom Italia shares extended Tuesday's rise to trade over two percent higher. Its new majority shareholder Olivetti was still weak. Stocks were mixed in Asia overnight, with Japan's Nikkei 225 index up slightly, but Hong Kong's Hang Seng off 0.3 percent. Tokyo investors focused on a limited number of shares with positive earnings forecasts in a jittery market. Rises were tightly capped by continuing worries that high-flying U.S. stocks may have entered a corrective phase and uncertainty about the Japanese economy. ''The government seems to be planning to unveil an economic package, aiming to boost Japan's competitiveness and employment, but we're not yet sure how much it would help the economy to recover,'' said Tetsuya Ishijima, chief strategist at Okasan Securities Co Ltd. In particular, Internet-related stocks in Tokyo were hammered after New York's technology-heavy Nasdaq composite index (^ISIC - news) shed 2.97 percent.>> ----------------------------------------------------------------------