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European open: Stocks fall after two-day rally
Mon, 01 Dec, 2008
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European open: Stocks fall after two-day rally
Wed, 15 Oct 2008, 09:05:00
European markets snapped back from their two-day rally to post losses in early deals as recession fears in the US soured sentiment again.<br /><br />Banking stocks had been leading the charge in the last couple of days after governments around the globe announced various initiatives to stop the financial crisis. <br /><br />But banking shares are down today following the poor performance from Wall Street yesterday. Societe Generale, BNP Paribas and UBS are down.<br /><br />Across the markets, the German DAX is down 104 points to 5094 with the French CAC slipping 78 points to 3549.<br /><br />Semiconductor equipment maker ASML said third-quarter profit fell 56% on lower machine sales. Broker Commerzbank was more positive on the stock and upgraded its rating to Hold.<br /><br />Commerzebank also lowered its EPS target on Deutsche Börse, reducing its recommendation to "add" from "buy", while chemical firm Clariant saw Citigroup cut its recommendation to "sell" from "hold".<br /><br />German drugs and chemical maker Bayer AG plans to delist its shares from the Tokyo Stock Exchange because the levels of volumes traded in the exchange did not justify the costs, it said.
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