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More Selling in Europe

FRANKFURT -- Bargain hunters went into hiding again today.

Any hopes they had that Friday's technical rebound in Europe would spill into this week were quickly smothered this morning on renewed yen weakness, continued talk of a yuan devaluation, steep losses in Asian stocks and jitters that Wall Street might turn limp again.

In Frankfurt, Germany's

Xetra DAX

was down 45 points, or 0.8%, at 5552, while in London the


was down 71, or 1.3%, at 5609 and in Paris the


was down 67, or 1.7%, at 3974.

Europe also got hit with yet another earnings disaster. The culprit today was

British Airways

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was up 3.8% on better-than-expected results, with spillover helping a couple of other telecoms to buck today's downward trend.

Cable & Wireless



CWP ADR) was up 2.4%,

Colt Telecom


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COLTY ADR) was up 2.2% and



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VOD ADR) up 0.3%.

But other telecoms were sharing in the general market pain, with

British Telecom



BTY ADR) down 2%, France's

Alcatel Alsthom



ALA ADR) down 3.5% and

France Telecom



FTE ADR) down 1.8%.