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Euro stocks mount mini-revival
LONDON, England (CNN) -- European markets mounted a partial recovery Tuesday after losses the previous day forced by a surge in the euro. London's FTSE 100 closed up 0.77 percent at 3,971.60, Paris's CAC 40 ended up 0.35 percent at 2,877.26 and Zurich's SMI closed up 0.56 percent at 4,514.40. At 1645 GMT Frankfurt's Xetra Dax was up 0.22 percent at 2,856.82. Deutsche Telekom (FDTE) and Granada led the European revival with Wall Street's opening gains lending enough strength to offset losses from heavily weighted insurance shares. (Telekom) Shares in Deutsche Telekom rose four percent after new Chief Executive Kai-Uwe Ricke told the group's annual general meeting he expected good first-quarter results would prove to be no exception and that the group may post a profit in 2003. But shares in French and Dutch insurers Axa (PCS) and Aegon fell roughly three percent each after investment bank UBS Warburg cut its ratings on both stocks. British insurer Legal & General added 3.6 percent, buoyed by lingering market talk that it could be a takeover target for Royal Bank of Scotland or another predator. In the media sector, Granada climbed seven percent after it beat market expectations with a 35-percent leap in half-year pre-tax profits. But music giant EMI (EMI) turned 10 percent lower after it posted tumbling annual sales and predicted further declines this year as it grapples with a biting industry slump. Full-year profits rose thanks to harsh cuts to jobs, number of artists and labels. (Full story) Elsewhere, shares in British medical devices firm Smith & Nephew shed seven percent after U.S.-based Zimmer Holdings announced a counterbid for Swiss group Centerpulse, threatening to drag Smith & Nephew into a costly bidding war.
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