GO
Loading...

Telecoms, Techs Drag Down Europe; Oil Eases

Reuters
Tuesday, 22 Jul 2008 | 8:35 AM ET

Weaker oil cushioned a fall in European shares on Tuesday, but stocks ended a four-session winning streak as Vodafone's outlook disappointed, while credit market worries dogged the financial sector.

European indexes were hit by poor results at U.S. bank Wachovia on Tuesday and weak forecasts from Apple and Texas Instruments overnight.

Vodafone was the strongest negative weight on the pan-European FTSEurofirst 300 index with its shares falling around 14 percent.

The world's largest mobile phone company by revenue lowered its outlook for full-year revenueto around the bottom of a previously forecast range as consumers delay buying new phones.

The FTSEurofirst 300 index unofficially ended down 0.35 percent at 1,166.04 points, having fallen as much as 2 percent in the session. The index gained some 5 percent in the previous
four sessions.

The market fall was cushioned by the oil price falling more than $5 a barrel, with a tropical storm moving over the Gulf of Mexico expected to miss major oil and gas installations.

  Price   Change %Change
TXN
---
VOD
---
AAPL
---

Featured