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Europe Down By Mid-Morning |
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6:42 AM EDT July 05 2006 |
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European markets traded lower by mid-morning on Wednesday. The U.K. FTSE 100 index shed 0.4% at 5,860, the German DAX Xetra 30 index slipped 0.5% at 5,700 and the French CAC-40 index dropped 0.5% at 4,960. Among the decliners were British bank Alliance & Leicester losing 6.3% in London in the wake of France's Credit Agricole announcement that it decided not to make an offer for Alliance & Leicester. Agricole slipped 0.3%. Tire makers, Continental and Michelin, each lost more than 1.5%, after Japan's Sumitomo Rubber warned on 2006 profitability levels following higher raw material costs. Advancers included Irish building materials company CRH gaining 1.2% after it said that, due to an improved performance in each of its business segments. France's Scor also advanced 4% after agreeing to buy German reinsurer Revios for 605 million euros ($775 million) from Globale Re. |
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