European Closing Update: Tech Selloff Gathers Pace

LONDON -- A bleak day for European equities.

The markets got off to a bad start following the fall of the Nasdaq Composite Index on Friday, and with the market falling below 3000 points after Hewlett-Packard's (HWP Quote) disastrous results, the selloff gathered pace.

In London, the Techmark 100 stood 143 points lower, or 4.5%, at 3079 and the FTSE 100 slumped 125 points, or 2.0%, to 6275.

Telecom-related stocks were especially hard hit. Optical component maker Bookham Technology (BKHM Quote) was the FTSE 100's biggest loser, shedding another 10.6% to 13.95 ($19.95). Marconi(MONI Quote) fell 67p to 743. ...