Euro markets follow Asia by posting losses

European stock markets on Monday afternoon reacted to U.S.-led missile and bombing raids against Afghanistan by slipping across the board, though the lower volumes of trading seem to indicate that traders are being cautious rather than hitting the panic button.

Asian markets were also in a cautious mood, closing slightly lower on Monday. Losses on the Asian and European markets were not as marked as Sept. 1.

By 3 p.m. Central European time, all European markets were trading lower. The London FTSE 100 index was down 85.1 points, or 1.69 percent to 4950.9, while the Frankfurt DAX 30 index slipped 88.26 points, or 1.97 percent to 4399.43. The Paris CAC 40 index trading down 87.18 points, or 2.09 percent to 4077.58, while the Amsterdam AEX 25 index dropped 12.19 points, or 2.97 percent to 44.9. The European Nasdaq was also down, losing 2.0984 points, or 1.03 percent to trade at 200.7124.

Sun Microsystems Inc., which on Friday announced it was expecting to report lower-than-expected quarterly results, was trading down on the European Nasdaq (SUNW.EAS) at US$8.68 per share, a loss of $0.07 or 0.8 percent.

Hardware makers were mixed, with Hewlett-Packard Co. (HWP.XET) gaining 0.1 euros (US$0.09) on the Frankfurt Exchange to trade at 17.6 euros per share, up 0.57 percent, while IBM Corp. (IBM.LON) was down on the London Stock Exchange, down 1.67 pounds (US$2.48) to 64.89 pounds per share, a 2.51 percent decline.

Telecommunication stocks were mixed, but fairly steady in comparison with previously weak performance. Vodafone Group PLC (VOD.LON) was up 0.16 percent on the London stock exchange, to trade at 15.625 pounds per share, while Deutsche Telekom AG (DTE.XET) was trading down 0.12 euros on the Frankfurt stock exchange to 17.65 euros per share, a loss of 0.68 percent.

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