LONDON -- Europe's markets ended higher Wednesday, led by pharmaceutical and telecom stocks. But a tentative start on Wall Street added a measure of uncertainty to the overall performance.
"It's a technical bounce, there's no volume behind it," said one dealer. "The economics are still the same, with oil price worries, interest rate fears, the
profit-warning and corporate earnings under pressure."
closed up 56 point, or 0.9%, at 6,269 and the
advanced a more sedate 23points, or 0.6%, to 3,749.
In pharmaceuticals, dealers said there is a feeling the drug stocks looked oversold after Tuesday's beating on news that Washington is expected to allow drug wholesalers to import cheaper branded pharmaceuticals from outside the US.
ended up 21p, or 1.1%, to
19.85 ($28.98) and
closed up 11p, or 1.2%, to 902.
gave the entire market a leg up with its gain of 5p, or 2.0%, to 250 and
closed up 15p, or 3.0%, to 510.
Technology stocks generally played along.
shook off a recent management shake-up to put on 12.5p, or 1.0%, to
12.32. The Israeli company reports its fisrt-half figures on Thursday and the market is anticipating good results.
announced that its subsidiary in Belgium would provide content for
MSN.be portal. Scoot moved up 2.25p, or 1.8%, to 125.25p.
However, the ISP
, which is reporting quarterly results Thursday, felt the impact of a sell note from
and its shares closed down 12p, or 4.7%, at 242p.
Europe's other major stock markets made modest gains, as the
in Paris closed 26.2 higher, or 0.4%, at 6,319.8 and the
in Frankfurt was up 32.8, or 0.5%, at 6,797.18 late in the German session. The Neuer Markt's technology-heavy
index, however, was down 94.0, or 1,8%, at 5,243.1.
Europe's largest Internet service provider
fell 1.59 euros, or 6.1%, to 24.50 ($21.62) after the company's chief financial officer resigned. The CFO's departure is the third of member of T-Online's board to leave recently due to disagreement over strategy with the ISP's parent
. DT erased early gains and was down 0.38 euros, or 1%, at 38.02.
Other telecoms were mixed, with
closing down 0.15 euros, or 0.7%, at 22.65 and
ending up 0.30 euros, or 0.3%, at 119.30.
rose 1.79 euros, or 3.5%, 53.24, after the automaker forecast net income this year would best last year's results.
closed down 0.10 euros, or 0.2%, at 59.00 and software maker
was up 9.10 euros, or 3.4%, at 280.50.