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Deutsche warning hits Euro markets
LONDON, England (CNN) -- A surprise profits warning from Deutsche Bank pushed European markets into the red on Thursday morning. London's FTSE 100 fell 0.5 percent to 3,946.8 and Frankfurt's electronically traded Xetra Dax lost 1.5 percent to 2,929.90, while the CAC 40 blue chip index in Paris slipped 0.6 percent to 2,943.79. The pan-European FTSE Eurotop 300, a broader index of the region's largest stocks, was down 0.7 percent, with the computer services, banking and insurance stocks leading declines. Deutsche Bank (FDBK), Germany's biggest bank, slid 3.3 percent to 46.52 euros after saying it would post a net loss of 200 million euros. (Full story) Benelux insurer Fortis dived 6.2 percent to 15.14 euros after French utility Suez sold off most of it 10.8 percent stake in the company. Suez rose 3.5 percent to 14.78 euros in Paris. Europe's biggest chipmaker STMicroelectronics (PSTM) fell 1.9 percent to 19.00 euros despite reporting earnings in line with expectations. (Full story) Rival Infineon Technologies (FIFX) lost 2.7 percent to 7.19 euros and Europe's third-largest chipmaker Philips Electronics fell 2 percent to 17.09 euros. Oils stocks were generally lower as members of the cartel OPEC met in Vienna. They were expected to cut excess oil supplies to shore up falling prices ahead of the return of Iraqi exports to the world market. (Full story) Royal Dutch, which owns 60 percent of the world's second-largest oil company Royal/Dutch Shell, fell 1 percent to 38.32 euros. Britain's BP (BP) and France's TotalFinaElf (PTO) were also in the red. The AEX index in Amsterdam fell 1.5 percent and Milan's MIB30 index dipped 0.2 percent, while the SMI in Zurich declined 0.4 percent. In the U.S. on Wednesday, stocks closed higher, extending the previous session's broad rally. The Nasdaq composite rose 1 percent, the Dow Jones industrial average gained 0.4 percent and the S&P 500 index was up 0.8 percent. Wall Street was expected to open sharply lower later on Thursday.
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