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Market Update : 
European Shares Suffer Dollar Weakness
Author: Elena Todorova
123jump.com
Last Update: 1:05 PM EST November 30 2006

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European stock markets finished in the negative territory Thursday, pressured by weak U.S. manufacturing data which added to the continuous weakness of the dollar.The weaker U.S. currency hurt exporter issues like automakers and technology stocks. Car maker Volkswagen slipped 3.8%, while electronics conglomerate Philips Electronics lost 0.9%. The French CAC 40 led decliners, falling 1%, followed by the German DAX 30, down 0.9%, and London FTSE 100, down 0.6%.

 
The U.S. dollar fell against other major currencies in European trading Thursday morning, dropping to its lowest level in 14 years against the British pound. The euro was quoted at $1.3190, up from $1.3156 late Wednesday. The British pound traded at $1.9558, up from $1.9462. The dollar bought 116.26 Japanese yen, down from 116.31.
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