12/07/2004 15:17
European stocks declined, led by chip- related companies as Merrill Lynch & Co. advised investors to sell semiconductor shares. BP Plc and Total SA fell after crude- oil futures dropped for the second day.
The Dow Jones Stoxx 600 Index gained 0.1 percent to 237.47 at 12:47 a.m. in London. The Stoxx 50 slipped 0.1 percent. The Euro Stoxx 50, a benchmark for the 12 countries using the euro, climbed 0.1 percent.
ASML Holding NV, Europe's biggest maker of semiconductor equipment, slipped 18 cents, or 1.4 percent, to 13.19 euros. Infineon Technologies AG, the region's No. 2 chipmaker, dropped 13 cents, or 1.3 percent, to 10.02 euros. STMicroelectronics NV, Europe's largest chipmaker, declined 24 cents, or 1.4 percent, to 16.86 euros.
Merrill Lynch cut its recommendation on global semiconductor industry to ``underweight'' from ``overweight.''
``We think semiconductor equities offer no upside from current levels,'' Merrill said in a report sent to clients. ``Stock prices have declined, but we believe they have the potential to decline further.''
Royal Philips Electronics NV, Europe's third-largest semiconductor company, slipped 2 cents, or 0.1 percent, to 21.21 euros. The Amsterdam-based company is expected to report earnings tomorrow, on the same day as the world's biggest chipmaker Intel Corp. may announce results. ASML is scheduled to release profit figures on Wednesday.
The brokerage also lowered chip-equipment makers to ``neutral'' from ``overweight.''
Energy stocks including BP Plc and Total SA declined after crude-oil futures fell for the second day on concern about supply disruptions. Crude oil for August delivery slipped 0.5 percent to $39.75 a barrel on the New York Mercantile Exchange after falling 0.9 percent Friday.
BP, Europe's largest oil company, fell 5.75 pence, or 1.2 percent, to 491.25 pence. Total, the region's No. 3 oil company, lost 1.10 euros, or 0.7 percent, to 159.8 euros.
The Dow Jones Stoxx 600 Index gained 0.1 percent to 237.47 at 12:47 a.m. in London. The Stoxx 50 slipped 0.1 percent. The Euro Stoxx 50, a benchmark for the 12 countries using the euro, climbed 0.1 percent.
ASML Holding NV, Europe's biggest maker of semiconductor equipment, slipped 18 cents, or 1.4 percent, to 13.19 euros. Infineon Technologies AG, the region's No. 2 chipmaker, dropped 13 cents, or 1.3 percent, to 10.02 euros. STMicroelectronics NV, Europe's largest chipmaker, declined 24 cents, or 1.4 percent, to 16.86 euros.
Merrill Lynch cut its recommendation on global semiconductor industry to ``underweight'' from ``overweight.''
``We think semiconductor equities offer no upside from current levels,'' Merrill said in a report sent to clients. ``Stock prices have declined, but we believe they have the potential to decline further.''
Royal Philips Electronics NV, Europe's third-largest semiconductor company, slipped 2 cents, or 0.1 percent, to 21.21 euros. The Amsterdam-based company is expected to report earnings tomorrow, on the same day as the world's biggest chipmaker Intel Corp. may announce results. ASML is scheduled to release profit figures on Wednesday.
The brokerage also lowered chip-equipment makers to ``neutral'' from ``overweight.''
Energy stocks including BP Plc and Total SA declined after crude-oil futures fell for the second day on concern about supply disruptions. Crude oil for August delivery slipped 0.5 percent to $39.75 a barrel on the New York Mercantile Exchange after falling 0.9 percent Friday.
BP, Europe's largest oil company, fell 5.75 pence, or 1.2 percent, to 491.25 pence. Total, the region's No. 3 oil company, lost 1.10 euros, or 0.7 percent, to 159.8 euros.
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