European markets were mostly weaker despite a late recovery that helped some of them recoup their earlier losses while allowing Madrid, Oslo and Copenhagen to finish slightly in the black.
The FTSE Eurobloc 100 index, which covers leading companies in the euro zone, closed 2.68 or 0.3 per cent at 1,077.34. The FTSE Eurotop 100 fell 20.92 to 3,043.06, while the broader FTSE Eurotop 300 settled 10.78 lower to 1,316.25.
Earnings disappointments continued to hamper Frankfurt with uncertain trading statements from the chemicals sector and airline Lufthansa further souring the investor mood.
Unexciting first-quarter figures sent BASF and Hoechst steeply lower in early trading. The former recovered to close 44 cents ahead at 42.40, but Hoechst finished off 1.44 at 42.50. Bayer shed 43 cents at 39.37. Lufthansa, which warned of a fall in 1999 profits, fell 73 cents to 21.62.
Coming hard on top of Wednesday's disappointing trading statement from motor giant Volkswagen, the quarterly reports sparked a broad sell-off, although there was a fairly determined attempt at a rally towards the close of trading.
Paris ended negative despite paring much of its losses in late trading.
The latest INSEE industrial survey showed a fall in output this month, but suggested manufacturers were more optimistic about prospects. Among the main winners, oil stocks cheered the latest rally in oil prices, with Elf- Aquitaine rising 6 or 4.4 per cent to 143 and Total 6 or 5 per cent to 126.50. CCF was back on the radar screen after weeks of inaction in the shadow of the BNP-Societe Generale-Paribas merger battle. The share shot up 4.80 or 5.2 per cent to 96.80 after shareholders ING of the Netherlands and KBC of Belgium said they had upped their stakes.
Amsterdam ended down and would have been even more depleted but for an upbeat session for heavyweight Royal Dutch, which responded to strong international oil prices with a rise of 2.8 per cent.
