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Europe mixed in volatile session
LONDON, England (CNN) -- European markets ended mixed on Friday after a roller-coaster session, as markets were first shaken by a profit warning from Alcatel but then warmed to the company's promise to cut jobs to restore profitability. However, market sentiment soured slightly as Wall Street got off to another weak start when concerns over corporate profits and economic recovery set in. Double and triple witching -- the expiry of stock and index futures and options contracts -- during the European session also caused volatility in stock prices. London's FTSE 100 gained 1.1 percent to 3,855.2, while the CAC 40 blue chip index in Paris lost 1.2 percent to 2,891.03. Frankfurt's electronically traded Xetra Dax was up 0.7 percent to 3,028.45 in late trading (the German market was set to close at 1800 GMT). The pan-European FTSE Eurotop 300, a broader index of the region's largest stocks, was up 0.2 percent -- after closing near a five-year low for the first time since July on Thursday. "It's all down to volatility. Looking at the newsflow this morning I can't see anything desperately encouraging," Robert Kerr, European equity strategist at Bank of America. "We're nearing the peaks of mid-July implying that the day to day uncertainty in the market is nearly as high as it was, a period when four percent moves either way weren't uncommon." Alcatel [PAR:PCGE], whose shares were battered this week to all-time lows, jumped 8.4 percent to 2.72 euros after the telecoms equipment maker said it would reduce its "head count to around 60,000 employees by the end of 2003." It also said sales in the third quarter would fall 15 percent from the previous three months as telecom operators continue to cut or delay spending. (Full story) German carmaker DaimlerChrysler [FSE:FDCX] was up 0.8 percent to 37.75 euros in late Frankfurt trading after it announced plans to spend 1.2 billion euros ($1.2 billion) on stakes in the truck businesses of Mitsubishi Motors and Hyundai Motor. (Full story) French advertising group Havas [PAR:PEU] rose 8.2 percent to 3.45 euros after posting a first-half net profit of 15 million euros, at the top end of market expectations, and confirming its targets for 2002 turnover growth and operating margin. (Full story) Europe's biggest insurer Allianz [FSE:FALZ] was up 5.9 percent to 96.70 euros in late Frankfurt trading after it reassured investors on Thursday that it would not need to raise money. Sodexho Alliance [PAR:PSW], Europe's second-largest caterer, rose 2.9 percent to 19.80 euros after it warned on Thursday that management and accounting problems at its British unit meant it would undershoot its profit target by as much as 14 percent. (Full story) Meanwhile, Vivendi Universal [PAR:PEX] fell 5 percent to 13.15 euros after the Wall Street Journal reported that the Franco-American media giant's attempts to resolve its financial crisis were being hampered by a convoluted deal struck 10 years ago with Barry Diller, the veteran entertainment executive. The AEX index in Amsterdam was down 0.8 percent and Milan's MIB30 index lost 1.4 percent, while the SMI in Zurich edged up 0.2 percent.
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