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Bourses bob and weave
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March 8, 1999: 6:00 a.m. ET
Wall St. props morale across Europe even as Asia, economic data weigh
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LONDON (CNNfn) - Europe's equity markets got off to an uncertain start Monday, trying to draw sustenance from Wall Street's record performance Friday even as Asia's mixed showing dampened sentiment on some bourses.
Morale was mixed despite the 268-point surge on the Dow Jones Friday.
In a week of key economic data across Europe, the electronically-traded Xetra Dax index was 0.05 percent lower at 4,838.35, after starting the day marginally higher. Traders are likely to remain cautious ahead of crucial statistics over the next two days, including unemployment figures.
Two leading blue-chips, chemical giants BASF (FBAS) and Bayer (FBAY), are due to report earnings Tuesday.
Siemens (FSIE) remained in focus in early trade amid speculation the engineering giant is planning to enter the U.S. data networking market. Siemens has declined to comment on a published report ahead of a news conference in New York Monday at which it is expected to comment on the matter. Siemens shares were off 0.55 euros at 59.10.
In London, the FTSE 100 index rose marginally to 6,216.8 on a day of heavy economic data that will precede Chancellor Gordon Brown's budget speech Tuesday. The budget is expected to feature plans to establish an agency similar to the U.S. Small Business Administration to promote the interests of small entrepreneurs in the U.K., the Financial Times reported.
Industrial production in Britain fell 0.5 percent in January, or 0.3 percent year-on-year, the Office for National Statistics said Monday.
In London shares in healthcare giant Nycomed Amersham (NAM), jumped more than 5 percent to 460 pence, after the company reported a 12 percent jump in 1998 profits
Traders are also be anticipating changes to the FTSE 100 index's line-up, when the quarterly revamp of its constituents is announced Wednesday.
Insurer Royal & Sun Alliance (RSA) was up more than 2 percent at 576 pence. Investment bank Dresdner Kleinwort Benson said Monday it had upgraded the company's shares to "add" from "hold".
Shares of Dutch bank and insurer Fortis were up 1.01 percent, or 0.35 euros, at 35 in Amsterdam after Fortis said it had acquired U.S. credit-related insurer American Banking Insurance Group for $2.6 billion.
In Paris, the CAC 40 crept up 0.07 percent to 4,192.43, while Zurich's SMI inched its way into the plus column, rising 0.15 percent to 7,223.9.
The board of Swedish vehicle maker Volvo said Monday it will propose buying back or redeeming shares worth 10 billion Swedish crowns ($1.21 billion) if the planned sale of its auto division to Ford Motors is approved.
Shares of German telecom firm Mobilcom (FMOB) resumed a six-week downturn Monday, tumbling 3 percent to 282 euros in Frankfurt amid concerns the company's market share may be leveling off as rival long-distance carriers pose a greater challenge.
In the auto sector, DaimlerChrysler was off 0.30 euros at 83.30 in Frankfurt. The Wall Street Journal reported Monday the carmaker and France's Renault (PRNO) are in a bidding contest for Japan's Nissan Motor. Renault gained 1.32 percent in Paris to 47.49 euros.
--from staff and wire reports
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