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Europe up ahead of Fed
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May 15, 2001: 12:34 p.m. ET
London bounces back from trade error, bourses await Fed rate decision
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LONDON (CNN) - Europe's major bourses were ending higher on Tuesday, with all eyes on the U.S. interest rate decision due after the markets closed.
London's FTSE 100 bounced back 2.6 percent, or 146.2 points, to close at 5,836.7, compensating for a trading error that sent the benchmark index plunging 3.5 percent at the close on Monday.
Mining group Anglo American (AAL) was the best performer, rising 9.4 percent on news of first-quarter profits ahead of last year's, while oil producer BP (BP-) was up 5 percent.
In Paris, the CAC 40 blue chip index was up 1 percent to reach 5,544.13 at the close, with retailer Casino (PCO) gaining the most – up 5 percent -- on being raised to the recommended list of broker CAI Cheuvreux.
Frankfurt's electronically traded Xetra Dax edged 0.3 percent higher to 6,079.60. Shares in German insurer Allianz (FALZ) was up 0.5 percent after earlier being trimmed amid speculation it may buy online share trading company Consors (ACOS).
In Amsterdam, the AEX index was up 0.5 percent while Milan's MIB30 index bucked the European trend for a second day, dipping 0.8 percent. The SMI in Zurich was 1 percent higher, as the country's biggest bank UBS rose 4.2 percent, despite saying profit fell 29 percent.
The pan-European FTSE Eurotop 300, a broader index of the region's largest stocks, rose 1.1 percent, with its mining and oil sectors rising 5 percent and 2.7 percent respectively.
In the U.S., trading was cautious amid concerns that the U.S. Federal Reserve may cut rates by less than the expected half-percentage point. The Nasdaq composite index was up 0.7 percent to 2,096.77, while the Dow Jones industrial average fell a smidgeon, down 15.68 points, or 0.1 percent, to 10,861.65.
In the currency market, the euro rose against the U.S. dollar to 87.86 cents from 87.51 cents in late New York trade on Monday.
In London, Dimension Data (DDT) rose 9.2 percent after the South African company reported a 68 percent rise in first-half profits and said prospects going into the second half remain sound.
Network operator Energis (EGS) dipped on news that its well-regarded chief executive Mike Grabiner would leave the company in July, but then recovered to end nearly 2 percent higher as the market digested final results showing turnover was up 70 percent.
Pharmacist Boots (BOOT) was the biggest loser on the FTSE 100, falling 6.7 percent on news that a price war would break out over over-the-counter drugs.
In Paris, energy and transport company Alstom (PALS) shares dipped after it said net profit in 2000/01 fell to  204 million, below expectations, from 349 million. But sales had surged, costs had been cut and the market later reversed its opinion, the shares ending 3.5 percent higher.
Defence and aerospace company Thales (PHO) rose 2.3 percent after the group posted a 10.5 percent climb in first-quarter sales to 1.82. Utility Suez (PSZE) added 3.6 percent after saying first-quarter sales rose to 10.55 billion against 7.921 billion in the year earlier.
In Frankfurt, airline Lufthansa (FLHA) rose 1.4 percent as pay talks began again to try to ward off another pilots' strike.
In Milan, Silvio Berlusconi's Mediaset fell 3.9 percent on fears his convincing election victory would mean he could resist pressures to sell his media interests.
Europe's second-largest Internet service provider Tiscali ended virtually unchanged after announcing narrower losses for the first quarter after slashing marketing costs and staff numbers. 
-- from staff and wire reports
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