European markets fall on economic fears and poor company performance
by Brian Turner
The European markets started the week even lower than the ended last week. This is seen to be an effect of worries about earnings and economic slowdown.
These worries and the losses attributed to them come after last week’s losses on Wall Street, the worst in two years.
One of the major reasons for concern continues to be last week’s news of poor earnings announced by IBM and Samsung last week.
At mid-afternoon Monday, the FTSE Eurofirst 300 had fallen 1.8 percent to 1,063.66. Only four stocks listed on the Eurofirst had managed gains by that time of day.
The Xetra Dax in Frankfurt was off 2.5 percent to 4,204.47, and in Paris the CAC-40 was down by 1.9 percent to 3,954.83.
Phillips, the Dutch electronics company, only added to the bad news Monday as they reported that their first-quarter net profits had fallen short of expectation. Phillips was down 3.8 percent by mid-afternoon.
Other stocks in the technology sector also fell, including the German chipmaker Infineon, which was down 2.7 percent, STMicroelectronics, which fell 1 percent, and ASML, which declined by 1.7 percent.
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