European markets edged lower as renewed wobbles for the euro and nervous bonds kept investors in check ahead of today's German industrial confidence index for June. The Eurobloc 100 index shed 0.1 per cent at 1,132.83. The FTSE Eurotop 100 index came off 0.2 per cent at 3,106.79 and the broader FTSE 300 index lost 0.3 per cent at 1,354.02.
Frankfurt was little better than all square at the close, with the Xetra Dax index up 4.80 at 5,624.74. Mannesmann moved ahead in a rumour-driven telecoms sector, adding €3.65 at €160.15 after Morgan Stanley Dean Witter raised its target price for the shares to €180. Deutsche Telekom, said by the weekend press to be eyeing links with Spain's Telefonica, came off one cent at €40.49.
Software leader SAP improved 50 cents to €400 ahead of today's second-quarter results. Leisure group Preussag rose €2.18 to €58.98. Engineer Metallgesellschaft jumped €1.40 or 6.2 per cent to €24, with brokers citing a US roadshow and acquisition news for the investor interest. Talk of buying index-tracker funds sent Munich Re, seen as a potential candidate for the Euro Stoxx 50 index, €3.35 higher at €200.25. Allianz came off €1.10 at €283.10.
Paris ended lower on selling of a handful of market heavyweights. The CAC-40 fell 38.04 or 0.8 per cent to 4,618.75. Equant, the networking group that listed in Paris and New York last July, climbed €3.80 or 3.8 per cent to €102 on its debut on the CAC. France Telecom dropped €1 or 1.4 per cent to €70.20 as investors switched into Equant.
Elf Aquitaine lost €2.50 or 1.4 per cent to end at €173.50 as investors reacted negatively to its counter bid for rival TotalFina. Suez Lyonnaise des Eaux, the utilities group, fell €7.20 or 4 per cent to €172.80 on profit-taking after its recent strong run. The shares stood at €154.70 at the close on June 8th.
Amsterdam ended little changed, improving 0.24 to 588.87 on the AEX index with good gains for Philips and Aegon keeping the balance on the upside.
Philips and ASM Lithography were both in demand ahead of results statements from the two tech groups. ASM, which unwraps secondquarter figures tomorrow, climbed to a best-ever level of €67.25, up €2.45. Philips gained €2.10 to €108.05 ahead of a second-quarter report on Thursday.
In financials, Aegon jumped €1.80 to €73.85 after an upgrade to buy at J.P. Morgan. Hoogovens was said to have found support after switching out of French steel rival Usinor. The shares added €1.50 at €52.20.
