October 20, 2007	Saturday	Shawwal 7, 1428

LONDON, Oct 19: Europe’s main stock markets were mixed on Friday as investor sentiment was dampened by the strong euro and crude oil prices rising to fresh record highs, dealers said.

In early afternoon trade, London’s FTSE 100 index of leading shares was down 0.15 per cent to 6,599.80 points and Frankfurt’s DAX 30 lost 0.25 per cent to 7,901.59 while the Paris CAC 40 edged up 0.01 per cent to 5,767.84 points.

The Euro Stoxx 50 index of top eurozone shares was unchanged at 4,420.48 points.

The European single currency hit a record $1.4319 on Friday before pulling back slightly. Some analysts argue that a soaring euro makes eurozone exports more expensive for buyers using weaker currencies.

Dealers also tracked runaway oil prices, which hit a record high $90.02 in New York on Thursday. Higher energy costs eat into company profits and also raise concerns about slowing world economic growth -- but the energy sector usually gets a boost.In London, WPP shares led the fallers after the British advertising and marketing group’s third-quarter results failed to inspire investors.

WPP, seen as a bellwether for the global advertising industry, said that like-for-like third-quarter revenue grew almost 5.0 percent during the third quarter but this fell short of market expectations.

In Paris, Publicis shares dived 3.05 percent to 28.61 euros. Negative comments from WPP chief executive Martin Sorrell on the outlook for the US advertising market sparked concerns about the French company’s performance in the region.

Martin Sorrell is the great media guru. When he says something, it’s like hearing Alan Greenspan speak, said one Paris-based analyst, referring to the former US Federal Reserve chairman.

In Frankfurt, Deutsche Postbank fell 2.02 per cent to 50.96 euros after the group’s stock was downgraded by JP Morgan.

Across on Wall Street, shares ended mixed Thursday in choppy trade, after Bank of America said third-quarter net profits fell a sharp 32 per cent to 3.7 billion dollars from a year ago. The Dow Jones Industrial Average closed down 0.03 per cent at 13,888.96 points.

The tech-heavy Nasdaq composite ended up 0.24 per cent at 2,799.31 while the broad-market Standard Poor’s 500 index finished 0.08 per cent lower at 1,540.08 points.—AFP