17:19 ET GERMAN STOCKS PM: DAX AT INTRADAY LOWS, FOLLOWING NASDAQ DOWN
By BridgeNews Frankfurt--Aug. 14--German's DAX moved sideways near intraday lows
toward the end of trade on bearish impetus from U.S. stock markets, which saw
the Nasdaq Composite and the Dow showing signs of weakness. In overall thin
turnover, Deutsche Telekom AG was near the top of daily percentage gainers as
new merger speculation hit this sector of the market. Metro AG was pressured by
possible exclusion from the Euro Stoxx-50 index. The DAX was last down 20.85 at
7302.13 points in electronic Xetra trade by 1712 GMT.
* * * Deutsche Telekom was last up 3.9% at 36.65 euros. The Wall Street Journal
reported Monday that several telecoms companies were showing interest in buying
Sonera Oyj, Finland's largest mobile phone operator. The paper identified
Deutsche Telekom AG and British Telecommunications Plc as potential bidders as
well as Orange, citing people familiar with the situation. The stock is also
said to be up on expectations that Germany's third-generation UMTS mobile phone
license auction is about to come to an end. The total of highest bids in the
138th round, the final for the day, stood at more than 78 billion euros and thus
exceeds the earlier UMTS record set in the United Kingdom. Retailer Metro AG and
insurance group Munich Re AG were lower in late trade. Metro is likely to drop
out of the Euro Stoxx-50 index due to low market capitalization and Munich Re
could suffer a severe reduction in its weighting in this index. Stoxx Ltd, the
creator of the index, will decide on the new composition of the Euro Stoxx-50
and the Stoxx index at its regular meeting Tuesday. Metro shares were last down
3.3% at 45.25 euros while Munich Re was down 3.9% at 333.00 euros. Preussag
shares were picked up by bargain-hunters following recent sharp losses. The
shares outperformed the rest of the market, last gaining 3.6% to 36.55 euros.
The DAX is expected to face another day of lethargic trading Tuesday, with Metro
AG and Munich Re AG likely to come under further pressure. Telecommunications
shares could post further gains on ongoing merger speculation.
Bridge Fokus Deutschland pegs a range of 7250-7400 points for the DAX Tuesday.
Germany's Neuer Markt index for small, high-growth companies was last up 28.26
at 5673.18 points by 1726 GMT. End Copyright 2000 Bridge Information Systems
Inc. All rights reserved.
[symbols:DE;DTE:DE;DTEX:US;DT:DE;MEO:DE;MEOX:DE;MUV:DE;MUVX:DE;PRS:DE;PR SX ]
The Bridge ID for this story is 01201
(c) Copyright 2000 FWN
17:19 ET ADD1: US EQUITIES REVIEW: BROADLY HIGHER; FINCLS, TECHS LEAD RALLY
--DJIA up 148; Nasdaq 60; S&P; 500 up 19 --Chip stocks higher; airlines fall
By Rebecca Byrne, BridgeNews New York--Aug. 14--After an indecisive start, U.S.
stocks ended higher Monday as optimism over the interest rate outlook fueled
17:19 ET US CREDIT REVIEW: BONDS UP 5/32 AFTER RETRACING EARLY LOSSES
By Rebecca Smith and Susan Kelly, BridgeNews New York--Aug. 14--Long-term
Treasury prices managed to close slightly higher Monday after the bond market
spent most of the session erasing the losses posted overseas and in early U.S.
trading. In spite of the comeback, traders were generally somewhat bearish.
17:19 ET UK STOCKS REVIEW: UP AS TECH, TELECOMS, INSURANCE ISSUES FIRM
By Steve Slater, BridgeNews London--Aug. 14--U.K. blue chip equities had a
steady but unspectacular start to the week, as a strong performance by
insurance, retail and most telecoms stocks left the benchmark index with modest
gains at the end of the day. The FTSE-100 index closed up 35.4 points, or 0.5%,
17:19 ET WHOLESALE INVENTORIES ROSE 0.9 PERCENT IN JUNE
WASHINGTON, Aug. 14 (UPI) -- The Commerce Department said Monday that wholesale
inventories rose 0.9 percent in June after rising a revised 0.9 percent in May,
which was originally reported as rising 0.8 percent. Most economists on Wall
Street were expecting inventories to rise 0.5 percent during the month.
14:49 ET US EQUITIES MIDDAY: WAVERING, SEEKING DIRECTION IN NEWS VACUUM
--DJIA up 16; Nasdaq 6; S&P; 500 up 3 --Chip stocks higher; financial shrs slip
By Rebecca Byrne, BridgeNews New York--Aug. 14--U.S. stocks hovered around
unchanged levels in midday trade, with little economic or earnings news to
14:49 ET US DEBT FUTURES ALERT: SEP BONDS STEADY BUT RANGE-BOUND
BridgeNews--Chicago, Monday, Aug. 14