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Europe inches up at close
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November 1, 2000: 12:29 p.m. ET
Auto, media, financial shares rise; telecoms, pharmaceuticals tumble
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LONDON (CNNfn) - European shares ended slightly higher Wednesday as gains in auto, media and financial shares offset losses for telecom and pharmaceutical companies.
 London's benchmark FTSE 100 index inched up 19.2 points, or 0.3 percent, to close at 6,457.6, with cable operator Telewest Communications (TWT) soaring on renewed bid speculation.
The blue-chip CAC 40 in Paris gained 11.39 points, or 0.2 percent, to 6,409.05, with media firms and carmaker Renault (RNO) leading the way up.
Frankfurt's electronically traded Xetra Dax fell 18.37, or 18.37 percent, to 7,059.07, fueled by DaimlerChrysler (FDCX) and Volkswagen (FVOW).
 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 0.6 percent and the MIB30 in Milan gained 1 percent, while the SMI in Zurich added 0.1 percent.
The broader FTSE Eurotop 300 index, composed of a basket of Europe's largest companies, was up 0.1 percent. Its information technology sub-index rose 1.8 percent and its telecom sector lost 2.6 percent.
In the currency market, the euro traded higher against the dollar, fetching 85.78 U.S. cents compared with 84.85 in late New York trading Tuesday.
"As far as the euro is concerned, there are two main factors: the chance of slowdown in the United States and the threat of intervention [in the currency market by central bankers]," James Stewart of Weavering Capital said in an interview with CNNfn.
In New York, the Nasdaq Composite index lost 0.4 percent while the blue-chip Dow Jones industrial average was down 0.5 percent in midday trade.
Auto shares race ahead
 European automakers paved the way for the day's gainers, extending the previous day's rally. Germany's Volkswagen (FVOW) gained 3 percent and DaimlerChrysler (FDCX) rose 3.2 percent. BMW (FBMW) rose 1.5 percent. France's Renault (RNO) added 2.2 percent.
In London's financial sector, insurer CGNU (CGNU) rose 3.9 percent after Britain's largest insurer said it will exit the Lloyd's of London market and take a charge of £448 million ($651 million) to protect itself from any further insurance claims. CGNU agreed to sell its Marlborough Underwriting Agency to another Lloyd's insurer, Warren Buffett's Berkshire Hathaway Group.
Anglo-American fund manager Amvescap (AVZ) rose 7.5 after Perpetual (PER) reported a more than 10 percent rise in its full year pretax profit. Perpetual, which agreed to be taken over by Amvescap, gained 5.9 percent.
U.K. mortgage bank Alliance & Leicester (AL-) fell 1.2 percent a day after rising 5.6 percent following its announcement of a new strategy to lower costs and raise revenue by cutting 1,500 jobs over the next three years.
In Paris, investment bank Crédit Lyonnais (PCL) rose 1.7 percent while Société Générale (PGLE) lost 1.4 percent.
Among media firms, France's Vivendi (PEX) gained 2.1 percent and its pay-TV unit Canal Plus (PAN) added 1.9 percent while media and missiles firm Lagardère (PMMB) rose 2.3 percent.
British Sky Broadcasting (BSY) jumped percent after Go Racing, its joint venture with Arena Leisure and Channel Four, announced a new offer for horse racing media rights.
Telecoms slump
European telecom shares tumbled after U.S. telecom WorldCom (WCOM: Research, Estimates) lowered its earnings and revenue estimates for the fourth quarter and 2001. Heavyweight Vodafone (VOD) was down 3.5 percent and Cable & Wireless (CW-) fell 4.6 percent. British Telecom (BT-A) fell 2.2 percent. Telecom and data service provider Energis (EGS) shed 6.9 percent.
 Elsewhere in Europe, France Telecom (PFTE) shed 1 percent while Germany's Deutsche Telekom (FDTE) lost 2.7 percent. Italy's Telecom Italia fell 0.8 percent.
British cable and telecom operator Telewest Communications (TWT) bucked the sector trend, surging 9.9 percent after newspapers reported rival companies bid for Microsoft's 29.7 percent stake in the firm. Telewest declined comment.
Dutch network service firm Equant (PEQU) lost 1.4 percent.
Other tech shares were mixed. Franco-Italian chip maker STMicroelectronics (PSTM) rose 0.9 percent while German rival Infineon Technologies (FIFX) fell 0.9 percent. French information technology consultant Cap Gemini (PCAP) added 2.6 percent while British counterpart Logica (LOG) shed 5.1 percent.
German pharmaceutical firm Schering (FSCH) lost 4.9 percent while Franco-German rival Sanofi Synthelabo (PSAN) slipped 0.7 percent in Paris.
In Amsterdam, Buhrmann, the world's largest office products trader, fell 8.4 percent after saying it is considering making a nearly  600 million ($510 million) cash and stock bid for rivals Ahrend and Samas. Shares of Ahrend and Samas, which announced merger plans last month, were suspended.
Dutch temporary personnel services firm Randstad sank 28 percent after issuing a profit warning. The company, which previously forecast full-year earnings per share growth of over 10 percent this year, now forecasts earnings per share of 1.31 to 1.40, down from last year's 1.72. 
-- from staff and wire reports
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