LONDON -- The Nasdaq took a big hit last night, inevitably putting pressure on European markets Tuesday morning.
In London, the technology and biotechnology stocks were on the back foot, while Old Economy stocks were easier in very thin trading before the budget speech from Chancellor of the Exchequer
was down 32 points in early trading, drifted further and was 55.2 points lower to 6569.3 by midday.
fell 976p to 93.75 pounds (US$147.19), while
was down 200p to 25.62 pounds.
Geo Interactive Media
slid 150p to 19.87 pounds and
was down 169p to 40.53 pounds. The
index of leading tech stocks was down 138.9 points, or 2.8%, to 4736.9.
Last week's newcomer
fell 20p to 362.5, bringing it below its IPO price of 380p and last week's high of 562.5p. Bookseller
gained 11p to 349p on news that it will link its Internet business with that of media concern
, which was a couple of pence dearer at 792.5.
Among the biotechs,
fell 350p to 26.75 pounds and
dipped 190p to 20.17 pounds.
, however, rose 17p to 695 on news that
will buy a further DNA vaccine license from the company for $1.75 million.
attracted support and rose 25p to 12.46 pounds, but
fell 7p to 373.5.
Oils encountered a bit of selling pressure, although brent crude is steady at US$25.60.
was 3p cheaper to 540 and
lost 10p to 489.5.
The rest of Europe's stock markets were also lower, as investors became cautious ahead of the U.S.
decision on interest rates. The
in Frankfurt was down 116.80 to 7755.58 and the
in Paris was off 55.2 to 6569.3.
German technology stocks came under pressure in the wake of the Nasdaq's heavy slide Monday.
fell 5.84 euros to 169.40 (US$164.84) and
dropped 34.80 euros to 935.
Old Economy issues such as car and drug makers, however, posted solid gains.
climbed 0.90 euro to 31.60 and
was up 0.18 euro at 45.80.
Around the Continent, telcos were having an off day, with
falling 0.95 euro to 90.35,
dipping 2.70 euros to 189.50 and
down 3.70 euros to 230.50.