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Autos And Miners Pressured Europe |
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1:14 PM EST October 30 2006 |
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European stock markets closed down on Monday, as investors turned to profit taking mainly in the mining and auto sectors. Negative mood on wall Street in early trading further pushed stocks down. Auto stocks posted losses after a strong performance last month. Volkswagen shares dropped 1.7%, BMW slipped 1.2% and Peugeot declined 1.5%. Germany''s DAX Xetra 30 index closed lower 0.07%, while the French CAC 40 slipped 0.63%. Another drag on the French index was electrical equipment group Schneider Electric which dropped 7.2% after it agreed to buy American Power Conversion. Mining shares also turned weak, weighing on the FTSE 100 index, which finished down 0.55%. Xstrata shares dropped 1.9%, BHP Billiton declined 2.1% and Vedanta Resources dipped 2.2%. Publisher Pearson also weighed on the index, falling 1.5% after updates. Banking stocks were in focus, with Dutch bank ABN Amro falling 0.2%.
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