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Europe rocked by war fears
LONDON, England (CNN) -- European markets declined on Friday after earlier gains were wiped out by growing fears of war that rocked investors' confidence and also sent Wall Street tumbling after a short-lived rallying in the previous session. London's FTSE 100 fell 0.5 percent to 3,603.7, setting a record 10-session losing streak. At one point, the index dipped below the 3,600 level for the first time since December 1995. The CAC 40 blue chip index in Paris lost 0.7 percent to 2,898.6, while Frankfurt's electronically traded Xetra Dax was down 2.7 percent to 2,736.3 in late trading (the German market was set to close at 1900 GMT). The pan-European FTSE Eurotop 300, a broader index of the region's largest stocks, was down 0.9 percent -- its ninth consecutive session of losses. Concerns over possible war with Iraq took the shine off early gains in tech and auto stocks. "It reflects the fact that the uncertainty, cost and timing of war is the greater problem than the actuality of war and what the aftermath will be," Robert Kerr, European strategist at Bank of America. Much of investors' focus on Friday was on troubled Italian carmaker Fiat after the Agnelli family said Giovanni Agnelli, the carmaker's honorary chairman, had died aged 81. Analysts believe his death could lead to a radical surgery to turn around the group. (Full story) Fiat shares initially rose on the news but fell back as no clear picture emerged of the group's rescue plans ahead of a crucial meeting later on Friday. The stock up down 0.6 percent to 8.11 euros in Milan. However, Porsche (FPOR3), the world's most profitable sports car producer, managed to hold to it gains after reporting a strong set of results boosted by sales of its Cayenne sports utility vehicle. (Full story) Its shares were up 0.4 percent to 377.40 euros in late Frankfurt trading. Meanwhile, Alcatel (PCGE), Europe's biggest telecom equipment maker, gained 2.7 percent to 6.59 euros -- but off its highs for the session -- in Paris after it North American counterpart Nortel Networks said it expected to return to profit in 2003. Unilever, the Anglo-Dutch consumer products group, gained 1.2 percent to 52 euros in Amsterdam after the company's Chief Executive Anthony Burgmans said 2002 sales growth for its top brands would top 2001 levels. The AEX index in Amsterdam was down 0.7 percent and Milan's MIB30 index fell 1.2 percent, while the SMI in Zurich lost 1.1 percent.
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