Reply #19: European stocks mostly lower amid financial sector activity

[Ghost Dog]

http://asia.news.yahoo.com/070723/afp/070723113018eco.html

LONDON (AFP) - Europe's main stock markets mainly extended losses on Monday following heavy falls last week, as dealers tracked news across the insurance and banking sectors.

Turkish shares hit a record high point after Turkey's Justice and Development Party (AKP) government had won re-election on Sunday.

The Istanbul Stock Exchange's IMKB-100 index hit an all-time high of 55,058.80 points shortly after trading began, boosted by the prospect of continued economic stability in Turkey.

In London, British life insurers Friends Provident and Resolution confirmed they are in advanced discussions regarding a possible all-share merger worth 8.31 billion pounds (17 billion dollars). As a result, the share price of Friends surged by more than 7.0 percent in London.

Meanwhile Barclays, the third-biggest British bank, called in state-backed Asian financial powerhouses to strengthen its offer for ABN Amro amid a European bidding battle for the Dutch bank worth nearly 100 billion dollars.

Nearing the half-way stage, London's FTSE 100 index of leading shares rose by 0.26 percent to 6,602.10 points.

In Frankfurt the DAX 30 fell 0.17 percent to 7,861.59 points and the Paris CAC 40 lost 0.16 percent to 5,947.89.

The DJ Euro Stoxx 50 index of top eurozone shares edged down 0.09 percent to 4,441.08.

The euro stood at 1.3813 dollars after striking a fresh record high of 1.3845 in Asian trading.

A rising euro is seen as bad news for European exporters, whose products become less competitive in international markets.

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