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Market Update : 
Telecoms Lift France, Drug Stocks Drag U.K.
Author: Elena Todorova
123jump.com
Last Update: 1:17 PM EDT October 26 2006


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European stock markets closed mixed on Thursday, reflecting disappointing news from major drug companies, losses in the metals sector, and positive earnings news from other companies like Royal Dutch Shell and telecoms provider France Telecom. London FTSE 100 finished down 0.48%, dragged by AstraZeneca and GlaxoSmithCline. The German DAX 30 gained 0.31%. The French CAC 40 rose 0.21%.

 
Oil and gold

Light, sweet crude oil for December delivery was up 13 cents to $61.53 a barrel on the NYME. Prices at London ICE Futures exchange also moved modestly higher. Brent crude rose 18 cents to $62.23 a barrel.

Gold opened Thursday at a bid price of $592.60 a troy ounce, up from $587.40 late Wednesday.

Currencies

The euro rose slightly against the U.S. dollar Thursday after the U.S. Federal Reserve left interest rates unchanged and the president of the European Central Bank warned that the bank would adjust its own rates if needed. The euro bought $1.2657 in morning European trading, compared with $1.2615 in New York late Tuesday. The British pound advanced to $1.8839, up from $1.8793. The dollar was lower against the Japanese yen, falling to 118.71 yen from 118.98 yen.
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