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Europe inches lower
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September 28, 2000: 12:46 p.m. ET
Corporate earnings worries plague markets; key 'old economy' stocks rise
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LONDON (CNNfn) - Most of Europe's major bourses ended slightly lower Thursday as concerns over corporate earning were nearly offset by strength in key "old economy" stocks.
 Frankfurt's electronically traded Xetra Dax gained 18.70 points, or 0.27 percent, to 6,832.76, with DaimlerChrysler (FDCX) falling 5 percent. Goldman Sachs cut its estimate for the automaker's earnings after the company said Wednesday its U.S. Chrysler unit would post a third-quarter loss.
London's benchmark FTSE 100 index dipped barely 0.1 percent to 6,264.1, with telecom equipment maker Marconi (MNI) among the biggest decliners.
In Paris, the CAC 40 blue chip index fell 0.1 percent to 6,311.03. Broadcaster TF1 [PAR:PTF1] led the fall, slumping 7 percent after warnings of a slowdown in advertisement sales by British rivals rattled investors.
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The SMI in Zurich slipped 0.1 percent, Italy's MIB30 fell 0.4 percent, and Amsterdam's AEX edged 0.4 percent higher.
The pan-European FTSE Eurotop 300, a broader index of the region's largest stocks, was down 0.3 percent, with its aerospace and defense sub-index up 2.3 percent while its information technology component slid 3.8 percent.
In the currency market, the euro bought 88.30 U.S. cents, unchanged from late Wednesday in New York.
In the U.S., the Nasdaq composite index rose 2 percent while the Dow Jones Industrial Average was up 1.6 percent.
Danish euro poll 'a close call'
Danes were still going the polls late Thursday to vote on whether to adopt the fledgling euro, with pundits saying the outcome is far from clear. "It's a difficult call. Last week the "No" vote was seen as winning; this week we see a massive group of undecideds," Jane Foley, currency strategist at Barclays Capital, told CNNfn.
"There is little excuse for pushing the euro lower. The vote will have little impact," Nick Parsons, a currency strategist at Commerzbank, told CNNfn. "The G7 [Group of Seven industrial nations] have turned market psychology around with their intervention in the market."
 On European exchanges, technology stocks followed the previous day's declines by their U.S. counterparts. Telecom equipment maker Marconi plunged 6.6 percent in London while French rival Alcatel (PCGE) fell 6.2 percent.
French chipmaker STMicroelectronics (PSTM) lost 1.7 percent while German rival Infineon (FIFX) fell 2 percent.
Engineering firm Siemens (FSIE) fell 3.3 percent in Frankfurt while its separately traded subsidiary Epcos (EPC), an electronic components maker, fell 0.9 percent. Europe's largest software maker, SAP (SAP), reversed earlier losses to gain 1.6 percent.
 British retailer Marks & Spencer (MKS) plummeted 8.2 percent after the shares jumped erratically at the end of trade in the previous session. German retailer Karstadt Quelle (FKAR) rose 4.3 percent.
Consumer electronics maker Thomson Multimedia (PTMM) fell 3.3 percent in Paris.
Media and missiles firm Lagardère (PMMB) fell 3.4 percent. The company reported net attributable profit of  788 million ($696.9 million) in the first half of 2000, compared with 119 million in the year-ago period, helped by an exceptional gain of 1.12 billion, mostly from the sale of Web service provider Club Internet.
Publisher Emap (EMAP) shed 4.3 percent in London.
'Old economy' gains cushion tech weakness
Gains in "old-economy" stocks cushioned the London market's fall. The world's biggest mining firm, Anglo American (AAL), topped the FTSE 100 leader board, rising 4.1 percent. Defense and aerospace company BAE Systems (BAE) climbed 3.7 percent while Franco-German rival EADS (PEAD) rose 3.4 percent in Paris.
Shares in French carmaker Renault (PRNO) rose 5.8 after the company said first half operating profit would be higher than expected. Japanese partner Nissan, in which Renault has a 37 percent stake, also said it would raise its full-year earnings forecast.
Tire maker Groupe Michelin (PML) also bucked the downward trend, jumping 3.2 percent after Ford Motor (F: Research, Estimates) selected the French company ahead of Firestone as its primary supplier of tires for its new Explorer sport/utility vehicles. 
-- from staff and wire reports
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