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Europe mixed, techs fall
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December 13, 2000: 12:37 p.m. ET
Bush expected to be U.S. president already factored into U.S. markets
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LONDON (CNNfn) - European main markets were mixed at the close Wednesday, with technology stocks leading declines after earnings warnings sent the tech-laden Nasdaq falling, erasing earlier gains tied to the apparent finality of the U.S. presidential election.
The blue chip CAC 40 in Paris dropped 84.83 points, or 1.4 percent, to 5,962.83, as telecom equipment maker Alcatel (PCGE) and index heavyweight France Telecom (PFTE) lost ground.
 Frankfurt's electronically traded Xetra Dax slipped 92.12 points, or 1.4 percent, to 6,641.47. Engineering and electronics powerhouse Siemens (FSIE) and its separately listed semiconductor unit Infineon Technologies (FIFX) were among the biggest losers.
London's benchmark FTSE 100 index bucked the trend but only just. The index rose 0.2 percent to 6,403.0, losses from computer support and software company CMG (CMG) were offset by pharmaceutical company Nycomed Amersham (NAM).
U.S. markets were mixed Wednesday. The tech-laden Nasdaq composite stumbled 1.2 percent to 2,896.01, while the blue chip Dow Jones industrial average edged up 0.6 percent to 10,838.04.
Late Tuesday, the Supreme Court voted 7-2 to reverse a Florida Supreme Court decision ordering recounts of ballots in the state. The ruling is widely seen as favoring Republican George W. Bush, as Democratic candidate Al Gore needed the recount to have any hope of erasing Bush's marginal lead in Florida. Gore is expected to make a public address to the United States later Wednesday.
The Nasdaq fell on earnings news and despite a widely held opinion that U.S. equity markets favor a Bush win for the White House. However, analysts say the apparent election victory for Bush was previously reflected in the U.S. equity markets.
"The market has largely discounted a Bush victory," Sharon Coombs, European economist at investment bank HSBC, told CNNfn.com.
On other European exchanges, Amsterdam's AEX index was down 1.1 percent, while Zurich's SMI was 0.4 percent higher and Milan's MIB30 lost 1 percent.
The broader FTSE Eurotop 300 index, a basket of Europe's largest companies, slipped 0.3 percent to 1,597.31. The index's mining segment dropped 3 percent and the information technology sector shed 3.6 percent, while its pharmaceuticals sub-index rose 1.4 percent.
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In the currency market, the euro weakened slightly against the dollar to 87.44 U.S. cents from 87.94 cents in late New York trading a day earlier.
Weak telecom, tech stocks
On European bourses, technology and telecom stocks were among the biggest decliners. Vodafone Group (VOD), the world's biggest cellular operator, dipped 3.1 percent, France Telecom (PFTE) dropped 3.8 percent, Deutsche Telekom (FDTE) descended 2.1 percent and Telecom Italia declined 2 percent.
Among makers of telecom hardware, Europe's No. 1 network equipment firm Alcatel tumbled 6.3 percent in Paris, U.K. rival Marconi (MONI) fell 3 percent and optical component maker Bookham Technology (BHM) declined 6.1 percent.
In Scandinavia, Finland's Nokia, the world's biggest mobile phone manufacturer, lost 2.7 percent and Ericsson of Sweden shed 3.5 percent.
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Other technology stocks caught in the downdraft were German chip maker Infineon, which gave up 2 percent, while French rival STMicroelectronics (PSTM) lost 3.9 percent and British chip designer ARM Holdings (ARM) declined 1.7 percent.
Computer services company CMG (CMG) dropped 6.7 percent, information technology consultant Cap Gemini (PCAP) skidded 3 percent and SAP, Europe's biggest software house, declined 2.9 percent.
Europe's financial sector was having a mixed day. Britain's Barclays (BARC) rose 5.1 percent, fund manger Schroders (SHR) rose 2.8 percent, Société Générale (GLE) slipped 1.4 percent in Paris and Germany's Deutsche Bank (DBK) dipped 1.4 percent, while HypoVereinsbank (FHVM) rose 2.9 percent, the biggest winner on the Dax in Frankfurt.
Europe's biggest insurer AXA (PCS) fell 5.6 percent on speculation that the company had issued a profit warning. The company denied the rumor.
Drug companies were among the leading gainers on Europe's main bourses amid hopes that an industry-friendly Bush administration would soon be installed in the White House.
 Glaxo Wellcome (GLXO) rose more than 2 percent, its merger partner SmithKline Beecham (SB-) added 2.1 percent, AstraZeneca (AZN) gained 1.5 percent and Nycomed Amersham jumped 7.4 percent In London.
Schering (FSCH) climbed almost 2 percent in Frankfurt and Aventis (PAVE) added 2.1 percent in Paris.
Food services group Granada Compass [LSEGCP] jumped 6.9 percent after reporting a 2 percent rise in annual operating profits as it entered the second round of its hotels auction with a slimmed-down list of bidders.
The day's big losers included mining stocks, with Billiton (BLT) down 6.4 percent, Anglo American (AAL) dropping 3.6 percent and Rio Tinto (RIO) off 2.5 percent in the wake of a profit warning from the world's second-largest aluminum maker Alcan (AL: Research, Estimates).
The biggest loser in London was defense company BAE Systems (BA-) , which fell 6.8 percent. European aerospace company EADS (PEAD) declined 3.3 percent after saying it expects incoming orders for its Airbus unit to drop 20 percent to 30 percent in 2001, after peaking this year. BAE owns 20 percent of Airbus. 
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