LONDON -- The Europeans, ever a suspicious lot, never trusted the bravado shown by U.S. investors in the face of the Federal Reserve's decision to raise rates and the markets ended Wednesday sharply lower.
made no real attempt to reach positive territory and it ended down 122.2, or 2.0%, at 6196.2. Tech stocks followed the same pattern, and the
index closed off 119.5, or 3.4%, at 3397.4.
The leader board was not a pretty sight, with most of the big names losing ground. Footsie heavyweight
lost 12p, or 4.3%, to 261 ($3.92), accounting for more than a quarter of the Footsie fall, and
was down 3p, or 0.3%, to 992.
However, some telecoms did better.
finally responded to recent good figures and broker upgrades with a gain of 38p, or 1.7%, to
22.73. It was also helped by plans to extend its current alliance with
Cable & Wireless
bucked the trend with a gain of 5p, or 0.5%, to 974 in the wake of good annual results.
Media stocks were still a mixed bunch at the close.
steamed ahead with a gain of 32p, or 4.6%, to
shed 44p, or 3.9%, to
Tech stocks were volatile and mostly lower.
fell 132p, or 3.3%, to
closed down 18p, or 2.6%, at 664.5.
Europe's other stock markets also fell, with the
in Frankfurt down 162.7, or 2.2%, at 7208.4 and the
in Paris down 109.7, or 1.7%, to 6447.7. The Neuer Markt's
index was down 165.6, or 2.6%, at 6171.8.
Telecoms were particularly hard hit. Dax heavyweight
failed to recover from this morning from a largely discounted rumor circulated that the company was about to issue a profit warning and closed down 3.50 euros, or 5.3%, to 62.69 ($56.42).
ended down 6.00 euros, or 3.8%, at 154.00 and
closed down 0.95 euro, or 3.9%, at 23.70.
Phone equipment makers weren't spared either, with
down 4.80 euros, or 1.6%, at 290.00 and
down 1.20 euros, or 1.9%, at 61.05.