European markets were mixed, with a lower bias after Wall Street opened easier. The FTSE Eurobloc 100 index eased 1.51 to 1,122.36 while the FTSE Eurotop 100 edged 2.18 higher to 3,101.42. The FTSE Eurotop 300 index rose 2.00 to 1,343.80. Activity was muted with public holidays in, among other centres, Paris, Milan, Madrid, Brussels and Vienna. Frankfurt saw action in Allianz on a quiet day with many investors opting to stay away for the All Saints Day holiday. The Xetra Dax index finished just 0.48 easier at 5,524.92.
Allianz spent the day in the spotlight, sprinting €5.90 higher to €294 after sealing a $3.3 billion takeover of a majority stake in US fund manager Pimco Advisors. The insurer, Germany's largest, said the takeover of Pimco, which specialises in bond funds has more than $255 billion under management, secured its entry into the world's biggest asset management market.
Deutsche Telekom remained in focus, giving up 25 cents to €43.60 in further response to last Thursday's larger than expected nine-month profits. Mannesmann, Telekom's major rival in the hotly contested German market, lost €4.79 to €145.11 in spite of news that Salomon Smith Barney had added the group to its European model portfolio. Motor stocks were mostly firmer. Volkswagen, which was expected to report nine-month earnings figures after the market closed, put on 23 cents to €56.24. BMW picked up 33 cents to €30.81. On Sunday, the group dismissed a downbeat press report and said sales of its British subsidiary's flagship Rover 75 model were in line with expectations.
Amsterdam turned in a mixed performance, pausing for breath after its recent rally. Concern that the European Central Bank would raise interest rates on Thursday was the main factor clouding the session. The AEX index closed 2.63 lower at 569.19, despite gains by several index heavyweights. Leading the gainers was Elsevier, the publisher, up 37 cents to €9.40, a gain of over 4 per cent. Traders said the rise was merely a recovery from weakness rather than a sign of strength.
Chemical group DSM also enjoyed a healthy rise, closing up €1.33 to €37.33, after an upgrade by Goldman Sachs. The rise followed a 6.7 per cent fall on Friday after downbeat comments on the prospect for full year earnings.
Helsinki shares closed down, dragged lower by mobile telecom group Nokia. The HEX general index closed down 50.75, but stayed just above the 9,000 mark at 9,000.44. So often the power behind the Helsinki bourse, Nokia lost €1.41 to €107.4.
Traders said investors took profits after the share gained over 13 per cent last week reaching a record high of €110.50 on Friday. The second most traded share of the day, telecom operator Sonera closed 65 cents higher at €29.20 for a gain of more than 2 per cent.
