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Europe Closes Down On Weak Auto Stocks |
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12:54 PM EDT April 28 2006 |
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European markets closed in the negative, extending earlier losses on weakness in the auto sector, contributed by 5.4% drop for Volkswagen after releasing fourfold earnings increase in Q1 which came far below expectations. The news dragged down other automakers like DaimlerChrysler and Renault. Market sentiment was also hurt by losses in oil companies like the Italian Eni and the French Total. The German DAX 30 tumbled 1%, the French CAC 40 lost 0.5% and London FTSE 100 fell 0.6%.
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