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Europe ends in mixed mood
LONDON, England (CNN) -- European markets ended mixed on Monday after a quiet pre-Christmas session as oil stocks benefitted from higher crude prices while many other sectors retrenched after a shaky start on Wall Street. London's FTSE 100 rose 1.2 percent to 3,936.9 and the CAC 40 blue chip index in Paris gained 0.2 percent to 3,087.62, while Frankfurt's electronically traded Xetra Dax was down 1.3 percent to 2,985.22 in late trading (the German market was set to close a 1900 GMT). The pan-European FTSE Eurotop 300, a broader index of the region's largest stocks, was up 0.3 percent. The oil and gas and insurance sub-sectors were the top gainers, while computer and engineering stocks were among the biggest losers. "It seems increasingly likely that we'll have conflict in Iraq and that will mean more volatility and higher oil prices, which is never good for equity markets," Cesar Martinez, director of international equities at GesMadrid, told Reuters. Brent crude for February delivery was up 79 cents to $29.12 a barrel, near three-month highs, on London's International Petroleum Exchange in late trading on Monday after OPEC said it would not boost output to make up for shortfalls caused by a strike in Venezuela, now entering its fourth week. (Full story) Royal Dutch, which owns 60 percent of the world's second-biggest oil company Royal Dutch Shell, rose 2.5 percent to 43.07 euros in Amsterdam. Shell Transport & Trading (SHEL), which own the remainder, climbed 3.4 percent to 408.50 pence in London. BP (BP), Europe's second-largest oil producer, added 2.3 percent to 426 pence and TotalFinaElf (PFTP) of France gained 1.7 percent to 135.30 euros. European airlines came under pressure amid concerns the rise in oil prices could be passed on to them. British Airways (BAY), Europe's biggest carrier, fell 6.9 percent to 135 pence in London and Deutsche Lufthansa (FLHA) was down 4.2 percent to 9.10 euros in late Frankfurt trading. The AEX index in Amsterdam was up 1.4 percent, while Milan's MIB30 index slid 0.1 percent and the SMI in Zurich was down 0.9 percent. In the U.S. on Monday, stocks were mixed in early trading as Yahoo!'s multi-million dollar deal for Inktomi gave a boost to technology issues while blue chips declined amid weakness in financial and retail stocks. (Full report) At 1515 GMT, the Dow Jones industrial average was down 9.74 points to 8501.58, while the Nasdaq composite gained 12.08 points to 1375.13 and the Standard & Poor's 500 index rose 0.97 points to 896.79.
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