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Technology And Oil Drag Europe |
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1:05 PM EDT July 11 2006 |
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European markets finished steeply down, reflecting an advance in oil prices and weakness in the technology sector. Lucent Technologies dragged its future owner Alcatel after the telecom gear maker issued a Q3 sales warning. French telecom equipment maker Alcatel dropped 5.9%, followed by its peer Ericsson, down 3.4%. Mobile phone giant Vodafone dropped 1.7% after it was downgraded to neutral from buy at UBS. Front crude oil futures moved higher, sending auto stocks like Renault and Volkswagen lower. The German DAX 30 tumbled 1.6%, the French CAC 40 slipped 1.4%, and London FTSE 100 lost 0.7%.
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