Global rally hits wall in Europe (SI, BHP)

Posted Jan 23rd 2008 4:50AM by Douglas McIntyre
Filed under: International Markets, BHP Billiton Ltd ADR (BHP)

The big run-up in shares in Asia did not make it over to Europe. Concerns about the global economy still appear to be too great.

At 5 AM New York time, the FTSE was off .9% to 5,688. Commodity proxy and miner BHP Billiton (NYSE: BHP) was off 3.7%, GlaxoSmithKline (NYSE: GSK) was off 2.1%, so Big Pharma did not appear to be making a comeback.

In Germany, the DAXX fell off 1.7% to 6,658. Multi-national Siemens (NYSE: SI) held its own, down only 0.4%.

In France, the CAC 40 was down .8% to 4,805. France Telecom (NYSE: FTE) sank 2.3% to 23.25. But global financial services company AXA (NYSE: AXA) rose .7%.

Data from Reuters.

Douglas A. McIntyre is an editor at 247wallst.com.

Tags: AXA, bhp, France Telecom, FranceTelecom, FTE, GSK, inthenews, SI, Siemens