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LONDON -- Europe's markets caught a bid on the back of the

Dow Jones Industrial Average's

robust performance last night.

As lunchtime approached, the

FTSE 100

was up 69.3 points to 6457.7, although the

Techmark 100

was being weighed down by the


and was largely unchanged at 3355. On the Continent, the


in Paris was up 59.2 points to 6356.1 and the

Xetra Dax

in Frankfurt was up 66 points to 6992.5.

One of the biggest gainers was French telecom equipment manufacturer



, which announced this morning that revenue in the third quarter rose 50% when compared to the year before, to 7.9 billion euros ($6.6 billion). This is higher than expectations of around 7.1 billion euros. Earnings per share rose 178% to 0.25 euro from 0.09 euro the year before. By midday, the shares were up 5.50 euros to 74.50.


Deutsche Telekom


announced that net income for the nine-month period ending Sep. 30 surged 546% to 8.4 billion euros, most of that was due to one-time gains such as the sale of

Global One

and the IPO of


and by midday the shares were down 1.41 euros to 42.60. The German telco also said profits were hurt by the high costs of obtaining third-generation mobile-phone licenses.

In London, the two large telcos continued Monday's rise.

British Telecom


breached major resistance around 800p and the charts hint at a more significant rally. The shares lately stood up 12.5p at 813 ($11.79).



was lately at 289.75, showing a gain of 3p.

In the pharmaceutical sector,

Glaxo Wellcome


fell as news emerged that the U.S.

Food & Drug Administration

is to review its irritable bowel blockbuster Lotronex. The shares were down 69p to

19.99. The news was a downer for future partner

Smithkline Beecham


, which was 25p lower to 908.



, however, rose 3p to

32.12, boosted by news of plans to sell its agricultural herbicide business to

Dow Chemical


Unsurprisingly, knowledge management software maker

Autonomy Corp.


had a stunning

debut on the London stock market. The shares were priced at

32.76, but by midday were up to


The rest of the tech sector was mixed. Optical component manufacturer

Bookham Technology


was up 66p to

22.10 and



was up 23p to 872. However, palm-top maker


was still suffering from Friday's profit warning. The shares slid another 8.5p to 425.5.