Reply #39: Europe hits 7-week low as euro strengthens [View All]

[Ghost Dog]

http://mwprices.ft.com/custom/ft2-com/html-story.asp?dateid=39049.5163425926-885146054&guid={505EC99B-A594-4E32-A7DC-F63F345FBDB5}

European bourses ended negative for a fifth straight sessions, but recovered losses sustained earlier when weak US durable goods and consumer confidence data rattled Wall Street. Renewed nervousness about the dollar’s weakness against the euro also weighed as the single currency notched up a fresh 20-month high against the struggling greenback.

Carmakers continued to suffer: DaimlerChrysler fell 0.7 per cent to €43.96, BMW lost 0.3 per cent to €41.72 and Renault eased 0.3 per cent to €91.25. But Volkswagen bucked the trend, jumping 2.5 per cent to €82 amid talk that Porsche was taking advantage of the stock’s recent weakness to build up a stake. Porsche shares gained 0.3 per cent to €854.55. Nokia fell 1.4 per cent to €15.30 after the Finnish mobile phone handset maker cut its profitability targets. Mittal Steel fell 2.7 per cent to €31 after Credit Suisse cut its 2007 forecasts for the world’s top steel company due to a deteriorating steel market outlook. Insurer Generali put on a late spurt to close 3.5 per cent higher at €32.29, the best performance in the FTSE Eurofirst 300, amid talk that it could be a bid target.

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The FTSE Eurofirst 300 slipped 0.3 per cent to 1,425.35, a seven-week low. In Paris, the CAC 40 dipped slightly into the red, falling 0.1 per cent to 5,306.24 while the Xetra Dax shed 0.3 per cent to 6,281.68 in Frankfurt.

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