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EUROPEAN MARKET REPORT
0

Thursday close

Frankfurt

In Frankfurt, the blue-chip Dax index closed 1.32% lower at 6,031.27 points.

Sentiment took a bashing in the morning after the European Central Bank slashed its growth forecasts for the eurozone economy.

Tech shares suffered in particular - also pushed down by negative comments from US analysts on the computer and telecom sectors, one trader said.

Software giant SAP lost almost 7% to 159.5 euros. Investors were disappointed by details of its announced e-commerce venture with US behemoth IBM.

Semi-conductor maker Infineon lost 2.38% to 38.17 euros and market heavyweight Deutsche Telekom shed 2.14% to 24.26 euros.

Pharmaceutical group Schering was the day's big winner, up nearly 2% at 65.26 euros.

Paris

The Paris blue chip Cac-40 lost 1.06 to 5,297.07 points.

Tech issues fell as Franco-Italian chip maker STMicroelectronics cut its second-quarter sales growth forecast.

The share lost 4.23% to 38.52 euros.

"This morning we were wondering who the next would be with a profit warning and now we know," said a Paris dealer.

French telecom equipment maker Alcatel was down 3.4% at 27 euros, Cap Gemini lost another 3.35% to 121 euros and Dassault Systemes plunged 6.11% to 49.29 euros.

France Telecom, which had to deny a press report that the French government planned to lower its stake in the company, was off 1.37% at 57.75 euros.

Orange, which announced it would group all of France Telecom's mobile operations under its name, lost 2.18% to 9.88 euros.

Advertising stocks were also hit as fears grew about the US advertising market, dealers said.

Vivendi Universal closed 1.23% lower at 72.25 euros, owing mainly to its media exposure, they added.

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