European stocks follow Wall Street’s downward trend
by Brian Turner
European stock markets followed the trend set by Wall Street, falling by mid-afternoon Friday after two straight days of over 1 percent loss in New York on Wednesday and Thursday.
Technology stocks were down on bad news from IBM and Samsung; steel makers were also down. The pharmaceuticals sector seemed to be the only area where substantial gains were seen.
The FTSE Eurofirst fell 1.3 percent, Xetra Dax in Frankfurt was down 1.9 percent, and in Paris the CAC-40 lost 1.6 percent.
Meanwhile, in New York, the Dow Jones continued its decline, losing 1.2 percent in overnight trading and yet another 0.6 percent in early trading on Friday. Nasdaq was down 0.8 percent early Friday.
Of the European chipmakers and related companies, Infineon was down 1.6 percent, STMichroelectronics fell 3.8 percent, and ASML, which makes chipmaking equipment, was down 1.4 percent, while Phillips was down 1.9 percent.
Ericsson, Sony’s Swedish partner, was down 2.9 percent and Nokia was down by 3 percent. The French company Alcatel fell 2.8 percent and Siemens was down by 2.6 percent.
In the steel making sector, Arcelor, the world’s biggest steel producer, fell 3.1 percent.
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