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
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
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%,
COLTY ADR) was up 2.2% and
VOD ADR) up 0.3%.
But other telecoms were sharing in the general market pain, with
BTY ADR) down 2%, France's
ALA ADR) down 3.5% and
FTE ADR) down 1.8%.