LONDON (CNNfn) - European markets slipped and skidded to a close Wednesday, with technology stocks leading declines. Oil companies tumbled on falling crude prices and auto stocks added to the gloom as sales plunged across the continent.
The benchmark FTSE 100 index in London, home to Europe's largest stock market, fell 77.3 points, or 1.2 percent, to 6,478.2, with the world's second-biggest publicly traded oil company, BP Amoco (BP), dipping 1.3 percent and rival Shell Transport and Trading Co. (SHEL) losing almost 3 percent. Brent Crude for October delivery fell for a second straight session, dropping 30 cents to $32.18 a barrel in London.
French rival TotalFinaElf (PHP) declined almost 3 percent in Paris, helping to drag the CAC 40 down 128.91 points, or 1.9 percent, to 6,568.89.
Frankfurt's late-trading Xetra Dax lost 129.49 points, or 1.8 percent, to 7,006.26, led by chipmaker Infineon Technologies (FIFX) and Europe's biggest software company, SAP (FSAP).
In other leading European markets, the SMI in Zurich slipped 4.7 points to 8,032.4 percent. The AEX index in Amsterdam fell 0.7 percent and the MIB 30 in Milan slipped 1 percent.
The broader FTSE Eurotop 300 index, a basket of Europe's largest companies, slipped 1 percent to 1,644.18. Its information technology sub-index fell 2.2 percent, the oil segment dropped almost 2 percent, and the auto sector slid 2 percent after the European Automobile Manufacturers Association revealed July sales fell more than 15 percent from a year earlier.
Europe's biggest automaker, Volkswagen (FVOW), drooped 3.2 percent, BMW (FBMW) lost 2.7 percent, and French automaker Renault (PRNO) dipped 4.3 percent.
U.S. markets traded lower in choppy trade Wednesday at midday. The Dow Jones industrial average slipped 0.5 percent and the Nasdaq composite slid 0.1 percent to 3,843.70.
Euro halts its slide
In the currency market, the euro stabilized slightly against the dollar, fetching 86.46 U.S. cents, up from 86.26 cents in late New York trading Wednesday.
 Among high-tech stocks heading lower in Europe, U.K. network equipment maker Marconi (MNI) dropped 3.1 percent, optical component maker Bookham Technology (BHM) lost 4.8 percent, and computer chip designer ARM Holdings (ARM) fell 2.9 percent. French network equipment producer Alcatel (PCGE) dropped 4.7 percent, German chipmaker Infineon Technologies (FIFX) fell 4.6 percent, electronic component maker Epcos (FEPC) declined 4.6 percent, and electronic and engineering powerhouse Siemens (FSIE) shed 3 percent.
But in a sign that Europe's market for technology-related initial public offerings is still vibrant, shares of SAP SI rocketed 121 percent to  42.02 on Frankfurt's Neuer Markt in its first trading day after going on sale at 19. The software consulting firm is a division of SAP [FSE:FSAP3], Europe's biggest software maker. The parent company, one of the most heavily weighted stocks in the Dax, fell 3.2 percent.
U.K. mobile-phone operator Vodafone Group (VOD) fell 3.2 percent after it said late Tuesday it has entered exclusive talks with Wind, the telephone unit of Italian energy company Enel, for the sale of Infostrada, an operator of fixed-line phone services in Italy. France Telecom (PFTE), the co-owner of Wind with Enel, fell 4.7 percent and Enel was little changed at 4.36.
Elsewhere, internet data carrier Energis (EGS) dipped 2.4 percent and French data network operator Equant (PEQU) declined 3.8 percent.
Frankfurt responds to takeovers
HypoVereinsbank (FHVM) fell 2.7 percent after regulators in Austria approved the German bank's purchase of Bank Austria. Bank Austria rose 3.5 percent in Vienna.
 In Paris, L'Oréal (POR) rose 2.4 percent, the CAC's leading gainer. Late Tuesday, the cosmetics maker reported a 22.5 percent rise in first-half operating profit and forecast that full-year growth will continue at the same pace.
U.K. retailer Kingfisher (KGF) gained 5.3 percent after the company said it will split itself into two separate companies next year, and was looking for takeovers in what will be the home-improvement and electrical goods arm. Kingfisher earlier shed as much as 6.8 percent after reporting a worse-than-expected 10 percent drop in underlying first-half pretax profit and warning that profit would be hit by spending on investments. 
-- from staff and wire reports
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