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Europe wilts ahead of earnings
LONDON, England (CNN) -- European markets ended lower on Monday amid concerns some of the region's biggest financial firms would post weak corporate results later this week. London's FTSE 100 was down 0.5 percent to 4,015.6, the CAC 40 blue chip index in Paris slid 0.2 percent to 3,053.7 and Frankfurt's electronically traded Xetra Dax was down 1.3 percent to 3,038.94 in late trading (the German market was set to close at 1900 GMT). The pan-European FTSE Eurotop 300, a broader index of the region's largest stocks, slipped 0.6 percent, with the electronics, insurance and information technology sub-sectors among the big decliners. Among the companies hit by profit concerns was Deutsche Telekom (FDTE). It fell 2.6 percent to 10.73 euros amid reports that it would post a big loss on Thursday as it writes down costly investments and struggles to reduce debt. (Full story) UK telecoms group Cable & Wireless (CW) fell 4.15 percent to 125.4 pence on reports it would also post disappointing results. The Sunday Telegraph and The Observer newspapers said on Sunday the group would take a £1 billion ($1.59 billion) charge connected to restructuring at its C&W Global international business. (Full story) Those earnings concern other telecom stocks, such as France Telecom (PFTE), which fell 2.8 percent to 11.28 euros. In the tech sector, France's STMicroelectronics (PSTM), Europe's biggest chipmaker, declined 3.1 percent to 19 euros, while Infineon Technologies (FIFX), the region's No. 2, was down 12 percent to 8.2 euros in Frankfurt after investment bank Goldman Sachs cut its rating on the stock. Alcatel (PCGE), the French telecoms equipment maker, lost 4.6 percent to 4.59 euros. Insurance stocks were led lower by Germany's Allianz (FALZ), Europe's biggest insurer, which fell 4.4 percent to 102.8 euros ahead of its results on Thursday. France's Axa (PCS), which reports on Tuesday, fell 1.6 percent to 13.13 euros. The AEX index in Amsterdam fell 0.6 percent, Milan's MIB30 index lost 1 percent and the SMI in Zurich declined 1.1 percent. In the U.S. on Monday, stocks sold off amid weakness across-the-board in blue chips and technology issues, while investors also displayed jitters over a possible war with Iraq. The Dow Jones industrial average was down 73.93 to 8463.20, the Nasdaq Composite lost 19.64 to 1339.64 and the Standard & Poor's 500 index fell 7.72 to 887.02.
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