|
|
|
|
|
| |
Commodities Drag Europe |
|
| |
2:49 PM EDT April 27 2006 |
|
|
| |
European markets closed in the negative on weaker commodity stocks, mixed earnings reports and deal talk involving companies like Siemens, DaimlerChrysler and GlaxoSmithKline. Metals prices moved lower after China lifted its base interest rate to 5.85%. Major mining companies like Rio Tinto and BHP Billiton sent the resource sector down 3%. Siemens dropped 3.1% after it agreed to buy Diagnostics Products Corp. for $1.86 billion. DaimlerChrysler dropped 3.9% after its Q1 profit rose just 4% on charges and disappointing results at its Mercedes division. Averages closed off lows supported by subsiding U.S. interest rate worries. The German DAX 30 dropped 0.6%, the French CAC 40 lost 0.7%, and London FTSE 100 declined 0.7%.
|
|
|
| |
|
|
|
