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Europe ends higher
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October 30, 2000: 12:37 p.m. ET
Gains in financials, auto stocks wipe out technology, oil share losses
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LONDON (CNNfn) - Europe's main markets ended mostly higher Monday, with traditional "old economy" stocks, from auto to financial shares, pulling ahead to offset losses in "new economy" tech shares.
London's benchmark FTSE 100 index rose 0.3 percent, to 6,388.4, with British Airways (BAY) soaring 9.5 percent.
 In Paris, the blue-chip CAC 40 rose 0.5 percent to 6,296.84, led by strong gains in food group Danone (PBN) and electrical engineering firm Schneider Electric (PSU).
Frankfurt's electronically traded Xetra Dax was little changed at 6,923.91.
 click here for the biggest movers on the ftse 100 in London
 click here for the biggest movers on the dax 30 in Frankfurt
 click here for the biggest movers on the cac 40 in Paris
Among other leading European markets, the AEX index in Amsterdam rose 0.3 percent, the MIB30 in Milan gained 0.5 percent while Zurich's SMI added 0.8 percent.
The broader FTSE Eurotop 300 index, composed of a basket of Europe's largest companies, edged up 0.2 percent. The oil and gas component shed 1.5 percent as the Organization of Petroleum Exporting Countries confirmed it was raising output by 500,000 barrels a day.
In the currency market, the euro traded higher against the dollar, fetching 84.34 U.S. cents, compared with 83.92 in late New York trading on Friday.
Wall Street was mixed in early trade. The blue-chip Dow Jones industrial average rose 1.3 percent, while the Nasdaq composite plunged 3.7 percent.
In Amsterdam, KLM Royal Dutch Airlines rallied 6.6 percent after posting better than expected second-quarter results and saying it expects full-year operating income to more than double. Rival British Airways (BAY) trailed its rival higher, topping the FTSE gainers.
German auto stocks race ahead
In Germany's auto sector, Volkswagen (FVOW) rose 2.2 percent after Deutsche Bank upgraded the stock to "buy" from "market perform" and recommended investors switch from DaimlerChrysler into Volkswagen. VW published strong profit figures Friday.
 DaimlerChrysler (FDCX) was undeterred, rising 2 percent following a report in the Financial Times saying the German car maker is considering a restructuring of Japanese affiliate Mitsubishi Motors. Daimler owns about 34 percent of Mitsubishi.
Truckmaker Man (FMAN) surged 3.2 percent. France's Renault (PRNO) gained 0.7 percent.
In Paris, Schneider Electric (PSU) rose 3 percent after investment bank Lehman Brothers added the company to its recommended European portfolio. Food group Danone (PBN) topped the gainer board, rising 4.5 percent.
Among financials, BNP Paribas (PBNP) rose 2.8 percent while Société Générale (PGLE) rose 2.3 percent. Germany's Dresdner Bank (FDRB) gained 0.6 percent.
British chemical firm Imperial Chemical Industries (ICI) rose 4.7 percent after it confirmed it was in talks about a possible sale to privately held Belgian firm Ineos. German rival BASF (FBAS) rose 3.8 percent.
Allied Domecq (ALLD) rose 4.6 percent in London after the spirits company said Friday it struck a deal to buy Captain Morgan.
Europe's oil shares slumped. Oil-and-gas exploration and production firm BG Group (BG-) fell 6.9 percent in London after Deutsche Bank downgraded the company to "market perform" from "strong buy." Heavyweight BP Amoco (BP-) shed 0.7 percent, while in Paris TotalFina Elf (PFP) dropped 0.8 percent.
Tech shares languish
Tech shares were also big losers, as their U.S. counterparts tumbled into the red. British fiber-optic component maker Bookham Technology (BHM) and technology consultant Sema (SEM) each dropped 6.4 percent. Europe's largest software firm SAP (FSAP) shed 3 percent in Frankfurt.
 Telecom equipment maker Alcatel (PCGE) fell 3.4 percent in Paris. The French telecom equipment firm is expected to announce its third-quarter results Tuesday before the market opens. Analysts forecast operating profits between  525 ($444 million) and 600 million due to a strong performance in its network and fiber-optics businesses.
Franco-Italian chipmaker STMicroelectronics (PSTM) lost 2.6 percent while Infineon Technologies (FIFX) slipped 1.6 percent in Frankfurt.
German electronic component maker Epcos (FEPC) lost 2.3 percent while its parent Siemens gained 2.1 percent.
Drugmaker Schering (FSCH) tumbled 4.8 percent in Frankfurt after the company reported lower-than-expected third-quarter profit of 61 million ($52 million), from 103 million in the previous period. Rival Bayer (FBAY) gained 0.8 percent.
Britain's Cable & Wireless (CW-) fell 1.6 percent after the telecom firm said it will spend ¥150 billion ($1.4 billion) over five years to build a high-tech fiber-optic network throughout Japan in a move to challenge the dominance of domestic operator NTT. Telecom firm Energis (EGS) rose 5.5 percent amid market expectations of strong results to be reported later this month. Germany's Deutsche Telekom (FDTE) fell 3.2 percent ahead of its nine-month-earnings announcement Tuesday. 
-- from staff and wire reports
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