US decline hits European markets

Follow the leader downwards...

Follow the leader downwards...

US declines continued to affect this side of the Atlantic with all European markets closing in the red this evening.

The FTSE ended the day 2.62 per cent down with the Techmark down 3.01 per cent. In Frankfurt the Dax fell 3.23 per cent and the Paris CAC 40 fell 2.05 per cent.

Telecoms and cable operators led the decline in London. Cable & Wireless fell 12.17 per cent after warning that full year profits will be five per cent down on last year's revenue.

Colt Telecom and Telewest both lost out on earlier gains as trading progressed. Colt closed 9.49 per cent down and Telewest dropped 6.11 per cent.

Marconi maintained its 24 year low, dropping 2.83 per cent to 25.52p by the end of trading.

In New York the Nasdaq was down 3.91 per cent and the Dow Jones fell 2.79 per cent at 17.45(BST).

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