European Closing Update: Wall Street Fails to Perk Up Markets

Worries about high oil prices and slower economic growth hurt markets.
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LONDON -- Not even a buoyant start on Wall Street could dispel the gloom in Europe from high oil prices and worries about economic growth.

Although off its lows, London's

FTSE 100

ended Tuesday down 7 points at 6,404, while the

Techmark 100

closed down 68 points, or 1.8%, at 3,760.

After enjoying a decent run-up of late, profit-taking finally hit the oil stocks.

BP

(BPA)

fell 4p, or 0.7%, to 653 ($9.14) and

Shell

(SC) - Get Report

was lower by 2.5p to 607.5.

Monday's fall on the

Nasdaq

hurt tech and telecom stocks.

Vodafone

(VOD) - Get Report

ended 2p lower, or 0.7%, at 263p despite announcing that it,

Orbis

and mobile telephone manufacturer

Benefon

will jointly develop an interactive, Internet-based, personal tracking system known as Cybertrak.

Baltimore Technology

(BALT)

also fell victim to the bearish sentiment even though it won a contract to provide the security infrastructure for

eChargeTM Corporation

. The shares of Baltimore fell 8p, or 1.1%, to 688p.

Three pieces of positive news from drug developer and researcher

Oxford GlycoSciences

fell on deaf ears. After rocketing as much as 5% to

21.50, the shares eventually succumbed to the Techmark 's negativity and closed down 15p, or 0.7%, to

20.45.

There were some stand-out performers. Supermarket chain

Tesco

enjoyed support on the back of solid earnings results. It led the gainers, moving up 18.25p, or 8.4%, to 234.75p.

EMI Group

(EMI)

rose 22p, or 3.9%, to 550 as attention continued to center on whether European Commission regulators would block a tie-up with

Time Warner

(TWX)

. One line has it that if the deal does not go though, Germany's

Bertelsmann

is waiting in the wings to take out the record and music group.

Europe's other major stock markets finished Tuesday mixed. The

CAC 40

in Paris closed up 7.6, or 0.1%, at 6,529.9 and late in the German session the

Xetra Dax

in Frankfurt was up 17.1, or 0.3%, at 6,908.8. However, the Neuer Markt's tech-heavy

Nemax 50

index was 94.3 lower, or 1.7%, at 5,562.1.

In Paris, construction and telecoms group

Bouygues

(BWG) - Get Report

rose 1.60 euros, or 2.5%, to 65.50 ($55.91), prior to the release of first-half results for the company after the bell.

Other telecoms were mixed, as

France Telecom

(FTE)

climbed 2.50 euros, or 2%, to 125.50,

Deutsche Telekom

(DT) - Get Report

rose 0.06 euros, or 0.2%, to 42.10 and

Telefonica

(TEF) - Get Report

fell 0.02 euros, or 0.1%, to 23.68.

In Frankfurt,

Siemens

(SMWAY)

was down 4.89 euros, or 2.8%, at 170.11,

Epcos

(EPC) - Get Report

fell 2.90 euros, or 2.9%, to 98.10 and software maker

SAP

(SAP) - Get Report

was 1.30 euros higher, or 0.5%, at 263.30.

Unglamorous utility

E.ON

(EON)

performed well as the tech retreated, rising 1.92, or 3.6%, 54.67.