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Europe bourses tumble
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August 9, 2001: 1:02 p.m. ET
Tech, media sectors drag markets after early tech rally fizzles
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LONDON (CNN) - European stock markets closed sharply lower Thursday after U.S. retail sales figures failed to stir investors.
London's FTSE 100 fell 1.4 percent to end at 5,399.70 and the CAC 40 blue chip index in Paris closed nearly 2 percent lower at 4,888.30. Frankfurt's electronically traded Xetra Dax was down more than 2 percent at 5,498.78 in late trading.
The nation's biggest retailers painted a mixed sales picture for July as the slowing economy continued to see consumers shift away from luxury and department stores, which generally saw lower sales, to more bargain-priced discount chains that posted gains.
An early technology rally across Europe's markets had reversed by the close and many techs headed the list of losers in the main bourses.
Weak oil and media shares also added to the gloom.
In London, business data services company Energis (EGS) led the decliners on the FTSE, ending 7.9 percent lower. WPP (WPP), the world's biggest advertising company, ended 6.2 percent lower.
Telewest Communications (TWT) fell 5.8 percent amid reports it and fellow British cable operator NTL (NTL) were considering entering into partnerships for purchasing and retailing and may share customers.
Telecoms equipment tester Spirent (SPT) and computer consultant Logica (LOG) dropped more than 5 percent, closely followed by other software and consulting firms such as Sage Group (SGE) and Misys (MSY), which both fell 5 percent.
Broadcaster Carlton Communications (CCM) fell 5 percent, while Europe's second-largest pay-TV company British Sky Broadcasting (BSY) lost 3 percent.
In Frankfurt, Deutsche Telekom topped the losers on the Xetra Dax index, followed by Siemens (FSIE), Europe's second-largest phone equipment maker, which fell more than 4 percent.
Europe's second-largest semiconductor maker, Infineon Technologies (FIFX), fell 3.9 percent.
Alcatel (PCGE), Europe's fourth-largest telecom equipment maker, topped the CAC 40 loser board in Paris, dropping 7.6 percent.
Consumer electronics company Thomson Multimedia (PHO) ended 5 percent lower, along with software company Dassault Sysemes (PDSY), which slid 5 percent while Europe's biggest computer services group, Cap Gemini (PCAP), dropped 4.5 percent.
In Amsterdam, the AEX index slipped 1.3 percent, and the SMI in Zurich was 2.2 percent lower. Milan's MIB30 index was down by 0.8 percent.
The pan-European FTSE Eurotop 300, a broader index of the region's largest stocks, was down by nearly 2 percent, with the computer services, information technology, media, telecoms and oil and gas sectors all in negative territory.
U.S. stocks were lower early Thursday as investors remained uncertain about the economy, with little positive guidance from the July retail sales data and weekly unemployment claims.
In mid-morning trading, the Nasdaq composite index dipped 9.16 to 1,957.20, while the Dow Jones industrial average dropped 31.48 to 10,261.68. 
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