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Weak dollar weighs on European stocks
Published in Saudi Press Agency on 27 - 11 - 2006


European shares fell on
Monday, as a weak dollar hit especially the car sector, while
takeover speculation boosted utilities but could not offset the
losses, REPORTED REUTERS.
Among top decliners was Spanish bank BBVA, dropping 2.6
percent after it said it was carrying out a capital increase of
3 billion euros to strengthen its capital after some
acquisitions it made in the last two years.
By 1158 GMT, the pan-European FTSEurofirst 300 index was 0.6
percent weaker at 1,440.76 after falling to its lowest closing
level since Nov. 3 on Friday. The index is still up about 14
percent since the start of the year.
London's FTSE 100 index was down 0.5 percent, the French
CAC-40 lost 0.6 percent, while Frankfurt's DAX dropped almost 1
percent.
"The rise in the euro still weighs on the markets," said
Thomas Gruener, market analyst at Landesbank Berlin.
"The mood has become a bit bleak now, after we broke out of
the trading range. This has also started a consolidation
process, which is, as we see it, quite healthy," he said.
The DJ Stoxx European auto sector index was down as
heavyweights such as DaimlerChrysler, BMW and Continental fell
more than 2 percent each.
"Car shares are on the negative side as some people will
become nervous, looking at the euro at above $1.31," Frank
Schallenberger, analyst at Germany's regional bank LBBW, said.
By 1156 GMT, the euro was up 0.3 percent at $1.3119, having
spiked up to a 20-month high of $1.3172 in overnight Asian trade
as buy orders were triggered.
BAE Systems fell 3 percent on newspaper reports that the
government of Saudi Arabia may hand BAE's Eurofighter contract
to France's Dassault. The French aerospace group, whose share
were up 2.6 percent, said it was unaware of any decision by
Saudi Arabia.
German power generator RWE hit a record high at 90.26 euros,
up 4.3 percent
"M&A speculation are currently driving up utility shares."
Schallenberger said.
"Obviously someone is buying big chunks, whether this is
(Russia's) Gazprom, Dubai or a hedge fund we don't know,"
Schallenberger said.
"However, I wonder whether this is all just hot air," he
added.
E.ON was top gainer in the DJ Stoxx 50 index, up 1.2
percent.
German drugs and chemicals group Bayer rose 1.8 percent
after posting forecast-beating third-quarter earnings, saying
that it aimed to raise 2006 profit sharply.


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