More Selling in Europe

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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

FTSE

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

CAC

was down 67, or 1.7%, at 3974.

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

British Airways

(BAB) - Get Report

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)

CWP ADR) was up 2.4%,

Colt Telecom

(

(COLTY)

COLTY ADR) was up 2.2% and

Vodaphone

(

(VOD) - Get Report

VOD ADR) up 0.3%.

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

British Telecom

(

(BTY)

BTY ADR) down 2%, France's

Alcatel Alsthom

(

(ALA)

ALA ADR) down 3.5% and

France Telecom

(

(FTE)

FTE ADR) down 1.8%.