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Stockwatch Daily: Europe takes top position

The US takes the bottom bunk today while Europe's cooking with gravy...

By Joey Gardiner

Published: 31 May 2001 10:50 BST

Shares in European markets have started to rally after heavy initial selling on opening this morning, following large falls in the US yesterday.

The FTSE 100 is now trading just 0.5 per cent down, after falling one per cent on opening. Tech stocks have also rallied, with the TechMark index displaying an identical pattern to the FTSE.

Euro bourses are performing even better, with the German DAX now up 0.4 per cent and French markets also rising.

Investors will hope European markets can stall the slide, triggered by a Sun Microsystems profit warning after the close of play Tuesday, and a host of analyst downgrades yesterday.

The Nasdaq was down 91 points, over four per cent, while unsurprisingly Sun Microsystems was hit even harder, down 12.1 per cent in heavy trading.

Tech leaders Cisco, Intel, Microsoft and Oracle all ended the day down.

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