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European markets end mixed
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November 26, 2001: 12:27 p.m. ET
Oil stocks slump, techs rally
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LONDON (CNN) - Europe's stock markets closed mixed on Monday, with oil prices low.
London's FTSE 100 rose 0.2 percent to 5,302.5, the CAC 40 blue chip index in Paris was up 0.2 percent to reach 4,564.4, and Frankfurt's electronically traded Xetra Dax climbed 0.7 percent to 5,111.7.
The pan-European FTSE Eurotop 300, a broader index of the region's largest stocks, climbed 0.06 percent, with the mining and information technology sectors leading gains.
Brent crude futures dived more than a dollar lower in afternoon trade on Monday as signs of co-operation between members of the Organisation of Petroleum Exporting Countries and oil exporters outside the cartel failed to materialise.
January Brent swooped to a session low of $18.20 a barrel shortly after the U.S. opening.
Russia said on Friday it would trim output by 50,000 barrels per day (bpd) in the fourth quarter, up from its original 30,000 bpd pledge, but said it would hold another meeting in December to review the decision.
European oil companies suffered as a result, with BP (BP-), Europe's second-largest oil company, falling 3.3 percent in London and Total Fina Elf (PFP) lost 3 percent in Paris.
Technology stocks soared after the world's largest contract chipmaker, Taiwan Semiconductor Manufacturing Co raised its 2001 pre-tax profit by 55 percent from a forecast made in September.
Among technology stocks, Finland's Nokia, the world's biggest mobile phone maker, rose 2.4 percent, Swedish rival Ericsson climbed 3.4 percent, German communications giant Siemens (FSIE) added 1.4 percent.
"People at the moment are looking for any indications of either stabilisation within the industry or a recommencement of the growth curve," Robert Lea at stock brokers Beeson Gregory told Reuters.
"Some people are reading TSMC's statement as a step in that direction."
In Amsterdam the AEX index climbed 0.6 percent and the SMI in Zurich was 0.2 percent higher, while Milan's MIB30 index lost 1.5 percent.
U.S. tech stocks took Wall Street for a ride midday Monday as initial gains in chips, computers and telecoms quickly tapered off in the face of mixed retail sales numbers and weak trading volume.
The Nasdaq composite rose 9.28 to 1,912.48. But the Dow Jones industrial average slipped 43.45 to 9,916.26, while the Standard & Poor's 500 lost 1.87 to 1,148.47. 
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