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November 03, 2006 Friday Shawwal 10, 1427


European shares lower


LONDON, Nov 2: European stock markets fell on Thursday in the wake of a weak showing by Wall Street overnight. London's FTSE 100 index of leading shares lost 0.31 per cent to 6,130.50 points, Frankfurt's DAX 30 index slid 0.34 per cent to 6,270.58 points and in Paris the CAC 40 index decreased 0.70 per cent to 5,333.33.

The DJ Euro Stoxx 50 index of top eurozone shares declined 0.49 per cent to 3,994.81 points.

Wall Street shares swung lower Wednesday as a weaker-than-expected survey on US manufacturing provided an excuse for traders to consolidate some of the hefty gains of the past month.

Japanese share prices ended Thursday with small losses as falls to US stocks prompted investors to pocket profits ahead of a long holiday weekend, dealers said.

In London, heavyweight miners fell as worries over global growth prompted investors to cash in on recent gains.

Rio Tinto shed 1.55 per cent to 2,925 pence, Xstrata offloaded 1.25 per cent to 2,298 pence and BHP Billiton slid 1.16 per cent to 1,024 pence.Elsewhere, construction materials group Wolseley slipped 1.66 per cent to 1,186 pence as data out of the United States Wednesday showed the housing market continuing to struggle.

In Frankfurt meanwhile, BASF lost 0.66pc to 68.12 euros after the world's biggest chemicals maker said that bottom-line profits declined in the third quarter as a result of one-off items and restructuring costs.

Net profit declined by 24.1 per cent to 613 million euros (782 million dollars) in the period from July to September, it said in a statement.

Across the Atlantic, the Dow Jones Industrial Average fell 0.41pc to close at 12,031.02 points on Wednesday, holding above the key 12,000-point level.

The tech-heavy Nasdaq composite 1.37 per cent to 2,334.35 points and the broad-market Standard and Poor's 500 index shed 0.74 per cent to 1,367.81.

Prices had opened higher amid strong earning reports but reversed course after news that the Institute of Supply Management's index of national industrial activity fell to 51.2 per cent from 52.9pc in September.—AFP



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