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Europe mixed, London off
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June 28, 2000: 4:38 a.m. ET
Techs send FTSE to month low; banks and drug firms rise; Freeserve revives
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LONDON (CNNfn) - Europe's leading bourses ended mixed Wednesday, with London's benchmark index falling to a month low amid weak tech and telecom stocks while rising drug and bank stocks kept other markets afloat.
London's benchmark FTSE 100 index fell 61.8 points, or 1 percent, to 6,313.5, its lowest level since May 26, following a 3.9-percent decline for index heavyweight Vodafone (VOD) and losses for major telecom and tech issues.
The CAC 40 index in Paris rose 39.87 points, or 0.6 percent, to 6,607.96 as Thomson-CSF (PHO) recovered from two sessions of losses with a rise of 6.4 percent. An industry report said the defense electronics firm is poised to announce a joint venture with U.S.-based Raytheon next month.
Zurich's SMI, which is more heavily weighted toward drug and financial sector stocks, rose 0.5 percent. 
The Xetra Dax in Frankfurt rose 7.07 points, or 0.10 percent, to 7,056.05.
The FTSE Eurotop 300, a broad measure of the region's largest stocks, nosed up 0.1 percent to 1,597.93. Its computer-services sub-index slipped 2.1 percent while the pharmaceuticals sector index was up 1.4 percent and the banking component rose 1.1 percent.
The U.S. Federal Open Market Committee was set to announce its policy on short-term interest rates later Wednesday. Most economists expect the Fed to leave rates unchanged. Tech companies, which often borrow heavily to finance research and expansion, are seen as particularly susceptible to rate increases.
Gains on Wall Street couldn't offer any support for Europe's bourses. As leading bourses closed, the Nasdaq composite was up 1.5 percent and the Dow Jones industrial average was up 0.2 percent.
In the currency markets, the euro retreated after an early advance to trade at 94.44 U.S. cents, down from 94.51 cents in New York late Tuesday.
Techs, telecoms drop in London
Tech and telecom-related companies were among the leading losers in London. Information technology consultant Logica (LOG) slumped 6 percent while industry counterpart Sema Group (SEM) fell 5.2 percent.
Elsewhere in London's "new economy" sector, cable company Telewest Communications (TWT) slipped 5.2 percent and Cable & Wireless (CW-) fell 4.8 percent.
However, publisher Emap (EMAP) led FTSE's gainers with a 5.3-percent advance while Internet access provider Freeserve (FRE) regained a bit of lost ground, up 2.4 percent after racking up double-digit percentage losses in each of the previous two sessions. 
And reviving hopes for Europe's market for initial public offerings, Orchestream (OCH), a provider of software for Internet service providers, shot up to 311 pence after the shares went on sale at 185 pence, a gain of 68 percent.
Medical technology company Nycomed Amersham (NAM) fell 4.9 percent, reversing much of its 6.1-percent advance in the previous session.
Food and drug retailer Boots (BTS) rose 2.7 percent.
Bayer eyeing China move?
In Frankfurt, Bayer (FBAY) rose 2.1 percent after a report said the chemicals firm is close to signing a deal to build a $3.1 billion factory in China. Leading rival BASF [FSE:FBAS3] rose 2.4 percent while fellow drug maker Schering (FSCH) continued its upward run, adding 5.3 percent.
Deutsche Bank (FDBK) added 2.8 percent as Germany's financial services sector continued its upward momentum, rival HypoVereinsbank (FHVM) gained 2.9 percent. Reinsurer Munich Re [FSE:FMUV2] rose 2.7 percent.
On the downside, electronic components maker Epcos (FEPC) slipped 2.4 percent and engineering firm Siemens (FSIE), which partly owns Epcos, fell 1.8 percent. Retailer Karstadt Quelle (FKAR) dropped 3.8 percent.
Car makers roll in Paris
In Paris, BNP Paribas (PBNP) was the best performer among financial services stocks, with an advance of 5.2 percent, while Crédit Lyonnais (PCL) rose 3.2 percent.
Drugs maker Sanofi-Synthelab (PSAN) added 4.3 percent.
 Automaker Renault (PRNO) rose 2.1 percent to continue its recent strong run, while rival PSA Peugeot Citroen (PUG) rose 3.5 percent.
Most of the CAC 40's media shares fell, but pared their losses late in the session. Pay-TV operator Canal Plus (PAN) shed 1.5 percent while TV rival TF1 (PTFI) shed 0.9 percent and defense and media conglomerate Lagardère (PMMB) dropped 0.7 percent.
Computer consultant Cap Gemini (PCAP) fell 4.1 percent, leading CAC-40 losers. 
-- from staff and wire reports
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