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Commodity-Related Pressures Sink Europe |
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6:57 AM EDT May 16 2006 |
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European markets were lower by mid morning on Tuesday, reversing earlier advances, as investors were came under pressure by commodity stocks to sell oil, mining and metal shares. Austria’s OMV was the biggest loser, as it stock lost 8.5%, accompanied by another company in the red, Norway’s Statoil, down 0.8%. Luxury goods stocks also sank on consumer sentiment over energy costs. French perfume maker, Hermes International, was off 4.1% and the Swiss watchmaker, Richemont, dropped 2.1%. EADS, producer of Airbus, reported strong earnings, up 26%, beating analyst expectations despite a strong euro, hampering export. |
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