In Europe on Monday, the FTSE Eurofirst 300 gained 0.21 percent to 1,216.44. In Germany, however, the outcome of elections there on Sunday sent the Xetra Dax down 1.2 percent to 4,926.13.

The business community was especially disappointed that the candidate and party they backed, Angela Merkel and the Christian Democratic Union party won only 3 more seats in parliament than did Gerhard Schroeder’s Social Democrats.

Two of the biggest losers were utilities Eon and RWE, which had stood to gain in the event of a big Christian Democratic win, as Ms. Merkel had promised to continue the use of nuclear power. Mr. Schroeder, on the other hand, plans to phase out the use of nuclear power over the next 20 years. RWE lost 3 percent to €55.22, while Eon fell by 2.3 percent to €77.74.

The semiconductor sector saw gains on the day. STMicroelectronics was up 0.8 percent to €14.27 as CSFB reiterated its rating of “outperform” and raised its stock target price from €15 to €16.50. Infineon had its rating upgraded to “outperform”, gained 0.6 percent to €7.98.

Deutsche Post lost 2.2 percent to €19.54 after it said it would purchase UK logistics company Exel for £3.7 billion (€5.47 billion) in a combination of shares and cash.

In European equities markets on Friday, the FTSE Eurofirst 300 ended the day and the week higher, gaining 0.6 percent on the day and the same amount on the week to close at 1,213.86.

However, with elections scheduled for Sunday in Germany, the Xetra Dax was down 0.4 percent for the week to 4,986.50 as uncertainty over the outcome remained a concern for many.

Takeover rumors provided most of the non-election interest during the week. Danone, the French food group, saw sharp gains in its shares Friday on the announcement that the French government would discontinue its efforts to protect the company from takeover attempts.

Earlier in the year when rumors that Pepsico would bid for Danone, the French president said that the government would protect the company, but the French industry minister has now said that the company must defend itself. While Danone lost 0.2 percent for the week, it gained 2.3 percent on Friday to €92.60 at the close.

In the defence sector, defence electronics group Thales and aerospace group EADS both benefited from rumors that EADS would bid for Thales. Thales gained 2.2 percent to €38.44, while EADS was up 0.4 percent to €28.30.

Meanwhile, in the telecommunications sector, Nokia added 3.2 percent to €13.49 after it adjusted its third-quarter sales and profit estimates upward.

The New York equities markets moved little on Thursday on a mixed batch of economic news. The Dow Jones Industrial average was up a bit to 10,558.75, the Nasdaq composite fell 0.2 percent to 2,146.15, and the S&P 500 gained a fraction to end the session at 1,227.71.

One analyst said that the market’s unwillingness to move too much stemmed from uncertainty over what the Federal Reserve will do with interest rates when it meets on September 20.

Meanwhile, government figures showed that inflation was being kept in check, but reports from the New York and Philadelphia Federal Reserve Banks showed that manufacturing costs were higher and orders were down in the wake of Hurricane Katrina.

In addition, first time unemployment claims jumped by 71,000 last week, also largely due to Katrina.

Shares in internet search companies were mixed on the day. Google dropped 0.1 percent to $302.62 when it priced its $4 billion secondary share offering at $295 per share, while Chinese internet search company Baidu gained 0.8 percent to $82 after a 28 percent drop on Wednesday.

Time Warner, meanwhile, added 3.2 percent to $18.48 on newspaper rumors that it was in talks about selling a part of its stake in AOL to Microsoft. Shares in Microsoft was up 0.2 percent on the news.

In the fast food sector, McDonald’s led the Dow ahead of an analysts’ meeting, advancing by 3.4 percent to $33.45.

In Europe on Thursday Germany’s Xetra Dax index was down by 0.1 percent to 4,906.0, again affected by investors’ worries over the outcome of parliamentary elections to be held on Sunday.

However, the pan-European FTSE Eurofirst 300 did a bit better, gaining 0.1 percent to 1,206.45 although election nerves affected it as well.

In the oil sector, an upgrade by UBS still resulted in mixed results. Norsk Hydro and OMV both were upgraded from “neutral” to “buy”, and Norsk Hydro gained 1.4 percent to NKr726.

OMV, however, fell by 1.3 percent to €47.0. In the banking sector, ABM Amro offered €26.50 per share for the 29.5 percent of Banca Antonveneta presently owned by Banca Popolare Italiana.

If the deal goes through, ABM will become the first foreign bank to own a major Italian bank. On this development, ABM gained 1.4 percent to €19.84, Antonveneta fell by 0.9 percent to €26.19, and BPI lost 1.4 percent to €8.555.

In the telecommunications sector, TDC added 6.8 percent to DKr328.0 on rumors that two separate groups were ready to tender bids for the company. Elsewhere in the sector, Swisscom, which has also been mentioned as a possible bidder for TDC, was up 1.8 percent to SFr426.75, while Portugal Telecom gained 2.5 percent to €7.75 even though it reported that net profits in the first half were off from the same period last year.

The New York equities markets were down on the day Wednesday as new government data revealed slower than expected retail sales and weak industrial production numbers.

The Dow Jones Industrial Average fell 0.5 percent to 10,544.90, the Nasdaq composite was down 1 percent to 2,149.33, and the S&P 500 lost 0.3 percent to 1,227.16. In the airlines sector, amid more talk of imminent bankruptcies, Northwest Airlines added 19 percent but Delta Air Lines dropped another 9 percent.

Retailers were mostly down on the day. Hardware retailer Loew’s dropped 2.2 percent to $65.99, while Target was off by 2.7 percent to $52.75. Bedding retailer Linens ’n Things, however, saw a gain of 8.9 percent to $28.25 on reports that it has called in advisors and is thinking offering itself for sale.

Elsewhere, internet search engine Google was to begin selling $4.4 billion in new shares, with the goal of building a fund that might be used on new acquisitions, after the close of the trading day. In advance of the offering, Google’s shares dropped 2.8 percent to $303.00 on the day. Among gainers was investment bank Lehman Brothers, which added 1.3 percent to $113.75 after it announced that its quarterly profits were up by 74 percent.

The New York Equities markets were down slightly on Thursday after big gains on Tuesday and more subdued gains on Wednesday, as the market seems to have been proceeding on the assumption that the economy will benefit from the aftermath of Hurricane Katrina rather than decline due to disruptions and dislocations.

Most analysts are betting that in the wake of the storm rebuilding will benefit the economy, interest rates will stop rising, and oil prices will go down. Others are not so sure that this will be the case.

The Dow Jones Industrial Average dropped 0.4 percent to close the day at 10,595.93, the Nasdaq composite lost 0.3 percent to 2,166.03, and the S&P 500 declined by 0.4 percent to 1,231.68.

Homebuilders were generally down on the day, with Hovnanian leading the decline after reporting earnings that fell below predictions. Hovnanian fell by 6.7 percent to $57.49. Elsewhere in the sector, KB Homes declined by 1.6 percent to $74.69, Lennar fell 2.4 percent to $60.95, and Toll Brothers lost 3.3 percent to $47.25.

Coca-Cola Enterprises dropped 9.6 percent on the news that it had reported less-than-positive earnings guidance. Discount retailer Sears Holdings fell by 5.2 percent to $127.81 on earnings that were below expectations. EBay lost 3.8 percent to $38.93, bringing its decline for the year to 34 percent and making it one of the S&P’s worst performers.

On the other hand, Apple gained 2.3 percent to $59.78 as it presented its new iPod for mobile phones.

In Europe on Wednesday, the FTSE Eurofirst 300 gained 0.3 percent to 1,205.03, its highest close in over three years, helped along by strength in the financial sectors.

Credit Agricole, France’s largest retail bank, gained 6 percent to €23.74 when its report that net profits were up by 23 percent, much more than had been expected.

The news prompted several agencies, including Deutsche Bank, WestLB, and Dresdner Kleinwort Wasserstein, to upgrade the stock Deutsche Bank also upgraded and increased its target price for UBS and Credit Suisse and also increased Commerzbank’s price target.

Commerzbank gained 2.4 percent to €22.21, while Credit Suisse also was up 2.4 percent, to SFr57.60 and UBS added 1.7 percent to SFr106.90.

Among reinsurers, UBS and Credit Suisse First Boston both upgraded Swiss Re, sending its stock up 2.4 percent to SFr82.50. Gains were also seen in technology sector, with STMicroelectronics up by 4.7 percent to €13.94, while Infineon gained 1.7 percent to €7.85, and ASML advanced by 0.9 percent to €13.76. There were some losers on the day. Accor, the hotels group, lost 2.7 percent to *42.33.

IT services group Atos Origin was down 2.4 percent to €59.75 even though its first half profits were up by 11 percent as it did not increase its full-year prediction. Brewer Heineken fell 0.5 percent to €26.87.

European oil stocks were up on Wednesday as oil prices stayed high, while telecommunications stocks saw losses on the day. The FTSE Eurofirst 300 gained 0.9 percent on the day to 1,177.19.

France Telecom was down 0.8 percent to €24.41 as it offered a rights issue worth €3 billion in order to aid in funding Spanish mobile phone operator Amena, a purchase worth €6.4 billion. OTE, the Greek telecommunications company, was up early but then ended the day down by 2.2 percent to €16.76 although it had beat forecasts for profits in the second quarter.

In the oil and gas sector, Neste Oil of Finland gained 9 percent to €27.25, the highest rise of the day. Repsol YFP and Total each gained 2.6 percent on the day, as Repsol closed at €23.98 and Total ended the session at €213.10. Eni added 2.3 percent to close the day at €23.97. Oil services company Saipem was up 2.7 percent to €13.63.

In the pharmaceuticals sector, Sanofi-Aventis lost 1 percent to €69.20, losing gains from its earnings goal for the full year when Deutsche Bank said that the company’s testing of new drugs has come up with mixed results due to a key depression drug it is developing was successful in one test, but did not make it through the testing process on another trial.

London equities markets were up on Wednesday in spite of worries about short and long-term repercussions for the oil infrastructure on the US Gulf Coast due to damages incurred by Hurricane Katrina. The FTSE 100 was up 0.8 percent to 5,296.9 and the FTSE 250 gained 7,749.2 on a volume of 3.1 billion shares traded.

With the rise in oil prices, oil stocks were up despite damage to facilities in the storm zone. Royal Dutch Shell “B” shares gained 2.1 percent to £18.81 despite reports that two of their drilling rigs were adrift in the Gulf of Mexico, ripped loose from their moorings by Katrina.

The mining sector saw gains after Morgan Stanley said that demand from China will mean the peak of the current commodities cycle will not come until into 2006 and predicted that iron ore prices will go up by 5 percent next year. In the sector, Vedanta Resources gained 2.2 percent to 564p, while Anglo American gained 1.8 percent to £14.02.

In the telecommunications sector, mobile phone operator O2 gained 2.3 percent to 153¼p after Morgan Stanley increased the company’s target price to 175p per share, saying that a takeover of the company was still a possibility.

The New York equities markets were down on the day Friday and on the week as durable goods orders and sales of existing homes were down, as well as on data released on Friday by the University of Michigan that consumer sentiment in the US has fallen more than was expected.

Not helpful for the markets, either, were comments by Federal Reserve chairman Alan Greenspan that housing prices are unbalanced and could end up affecting the US economy adversely.

The Dow Jones Industrial Average lost 0.5 percent on the day and 1.5 percent on the week to close at 10,397.29, the Nasdaq composite fell 0.6 percent Friday and 0.7 percent for the week to 2,120.77, and the S&P 500 was down by 0.6 percent for the day and 1.2 percent on the week to 1,205.1, leaving both the Nasdaq and the S&P at their lowest levels since the middle of July.

Some companies that saw losses this week blamed climbing oil prices that cut into consumer spending for other items.

Applebee’s International, the restaurant chain, said that high oil prices were the main reason that it reduced its earnings predictions for the year. Applebee’s lost 8.1 percent on the week to close at $22.36 on Friday.

Furniture maker La-Z-Boy lost 3.8 percent this week to end at $13.51 after it said second-quarter sales would be down due to high oil prices impinging on consumer spending in other areas.

Homebuilders saw losses on the week despite a report of a record month for sales of new homes in July. Beazer Homes lost 4.4 percent on the week to $58.56, KB Homes lost 2.6 percent to $$70.09, and Pulte Homes declined by 1.7 percent to $83.02. The S&P sector index for homebuilders dropped 1.2 percent on the week.

There were gains on the week, with York International, the heater and air conditioner maker, up 37 percent to $57 after an offer from Johnson Controls.

The rest of the sector also saw gains. In the technology sector, Hewlett Packard gained 0.4 percent to $27.01 when it said it would invest $150 million in radio frequency identification technology.

Brazilian equities markets and its currency both saw losses on Friday as
investors engaged in profit-taking and as they braced for the possibility of more revelations in the country’s current political scandal. The real lost 0.96 percent to 2.422 to the US dollar, after a 1.68 percent gain on Thursday.

Meanwhile, the Bovespa index in Sao Paulo was down 0.52 percent to 27,258 on the heels of a 2.58 percent gain on Thursday. Almost all stocks fell on Friday, with mobile phone company TIM Participacoes falling an especially steep 3.91 percent to 4.42 reais. One of the few exceptions was Telemar, which gained 0.28 percent to 35.60 reais.

Thursday’s gains came after the ex-aide who had accused Brazilian Finance Minister Antonio Palocci of accepting bribes when he was a mayor said that he had no proof of his accusations. Investors had been worried that if proof of wrongdoing on the finance minister’s part has been produced,
Mr. Palocci might have been forced to resign, bringing on a period of
uncertainty concerning economic policy.

But some analysts were not convinced that Mr. Palocci is completely in the clear, and urged caution until it is seen whether the weekend brought any new revelations or proof of the ex-aide’s allegations.

The results of high oil prices ran the results on European equities markets on Thursday, even though crude oil prices retreated some from record high prices as the day progressed.

The FTSE Eurofirst 300 dropped 0.7 percent to 1,172.57, its lowest close in three weeks.

Oil stocks were up early but gave up their gains later in the day, and shares in companies highly dependent on oil and oil products were down on the prospect of having to pay higher prices for those products.

In the oil sector, Total lost 1 percent to €207.30, while Repsol fell by 1.4 percent to €23.52 and Eni declined by 1.5 percent to €23.49.

Oil service group Saipem, however, gained 1.8 percent to €13.14 on an upgraded rating to “buy” from “neutral” from UBS.

Among oil-dependent companies, chemical group BASF lost 1.2 percent to €57.28.

In the automobile sector, Renault dropped 1.8 percent to €72.30, while Volkswagen was down 1.5 percent to €43.29.

The airlines were down as well, with Lufthansa losing 0.8 percent to €10.89 and Air France-KLM closing down 2.8 percent at €13.25.

Technology were also down on worries that higher energy costs would mean less money to spend elsewhere. Infineon lost 0.6 percent to €7.90, while STMicroelectronics was down 0.9 percent to €13.55 and ASML dropped 1.6 percent to €13.69.

Ericsson fell 2.3 percent to SKr25.60, and Nokia was down 1 percent to €12.67.

Higher oil prices managed to wipe out any early gains on the New York equities markets on Wednesday.

The Dow Jones Industrial Average closed down 0.8 percent to 10,434.87, the Nasdaq composite ended up 0.4 percent lower at 2,128.91, while the S&P 500 dropped 0.7 percent on the day to close at 1,209.59.

The early gains had been in response to data showing record new-home sales in the US in July, and some home builders managed to hang on to their gains at the end of the session.

Beazer Homes was up 2.6 percent to $60.98, Pulte Homes added 1.6 percent to $84.84, and Centex rose by 0.9 percent to $66.13.

The restaurant industry saw losses on the day as worries continued that high gasoline prices are cutting into consumer spending.

Restaurant chain Applebee’s International lost 7 percent to $22.37 after it cut its 2005 earnings forecast and blamed it on high oil prices. Outback Steakhouse also was down on the day, falling 2 percent to $42.92, while Brinker International dropped 3 percent to $42.49.

Meanwhile, Google gained 1.1 percent to $282.57 when it announced its first venture into the internet telephone market.

The Tokyo equities exchanges were down Wednesday morning amid profit-taking after earlier gains.

The Nikkei 225 fell 0.24 percent to 12,441.31, while the Topix index lost 0.35 percent to 1,267.59.

The steel sector as a whole lost 0.9 percent, and Nippon Steel lost 1.3 percent to ¥310.

Other sectors that saw losses included the insurance sector, down by 1.5 percent, the securities sector, which lost 1.2 percent, and the real estate sector, which declined by 1.1 percent.

The banking sector, which was a victim of profit taking before the other sectors, only fell by 0.3 percent.

There were sectors that saw gains, including retailers, which gained 0.1 percent, and the sea transport sector, which was up by 0.7 percent.

In the shipping sector, Mitsui OSK Lines gained 1 percent to ¥822 on a positive share outlook from UBS.

Camera maker Nikon lost 2.1 percent to ¥1,340 when Merrill Lynch lowered its rating from “buy” to “neutral”, saying that the company has neared its share price target and it cannot see any reason to raise that target.

Meanwhile, discount chain retailer Aoyama Trading gained 0.2 percent to ¥2,940 on the Osaka equities exchange.

Morning trading on the Tokyo equities markets sent stocks higher, so that by midday, the Nikkei 225 had risen by 0.9 percent to 12,569.99, while the Topix index had gained 0.8 percent to 1,280.36.

The gains were seen in many sectors. Advertiser Dentsu, Japan’s biggest, added 3.2 percent to ¥288,000 even thought it announced an 11 percent decline in its quarterly operating profit on Monday.

The steel sector was also up. Tokyo Steel Manufacturing gained 2.6 percent to ¥1,676 as it announced price increases for September, while Nippon Steel was up 1.3 percent to ¥318.

Video game maker Square Enix added 3.5 percent to ¥3,100 on the announcement that it would bid for game machine manufacturer Taito. Taito’s shares were up by 12.4 percent to ¥181,000 on the news.

In other sectors, camera and copier maker Canon was up 1.4 percent to ¥5,650, securities firm Nomura gained 2.2 percent to ¥1,539, and supermarket chain Ito-Yokado added 4.5 percent to ¥4,150.

The banking sector, however, saw losses as Mizuho declined by 0.2 percent to ¥594,000.

The New York equities markets had a positive day on Monday, as the Dow Jones Industrial Average closed up 0.1 percent to 10,570.53, the S&P 500 ended the day with an increase of 0.2 percent to 1,221.79, and the Nasdaq index rose by 0.3 percent to 2,141.44.

The news was not good for everyone, however, as Merck continued its slide begun Friday with the announcement of a jury verdict against the company in the case of a man who died after taking their pain killer Vioxx. Merck dropped 0.6 percent to $27.89, bringing its two-day decline to nearly 8.3 percent.

In the semiconductor sector, Texas Instruments gained 2.5 percent to $31.95 and Intel added 1.6 percent to $26.06. Many of the gains on the day came in relation to news on mergers and acquisitions.

Canadian-owned oil producer PetroKazakhstan gained 18.4 percent to $53.75 after it accepted an offer by the China National Petroleum Corporation, which offered $55 per share for the company.

Shares in Evetech Pharmaceuticals gained 29.6 percent to $18.13 after OSI Pharmaceuticals agreed to purchase Evetech for around $935 million. The purchase didn’t help OSI, however, which saw its shares declined by 21.7 percent to $31.92.

The news that Maytag and Whirlpool had signed a formal agreement for Whirlpool to acquire Maytag did not help shares in those companies, either. Maytag lost 0.1 percent to $18.69 and Whirlpool declined by 0.4 percent to $81.48.

Equity markets in London finished the day higher on Friday, but were down for the week as a whole. The FTSE 100 ended the day up 0.8 percent at 5,312.6, but was down by 0.6 percent for the week. Meanwhile, the FTSE 250 gained 0.6 percent on the day to close at 7,665.0 but saw an over all loss of 0.5 percent on the week.

The telecommunications sector was mixed. Cable & Wireless, which was the focal point of takeover moves and countermoves, dropped 4.1 percent for the week to 154 ¼p although it began the week at its highest level since July of 2002. Vodafone, on the other hand, was up 4 percent on the week to 154 ¾p, and O2 gained 3 percent on the week to hit an all-time high of 154p. Oil producers and explorers saw gains on the week.

Royal Dutch Shell’s B shares were up 1.4 percent on the week to £18.66, while BP also added 1.4 percent to 632p. Paladin Resources was up 3.6 percent to 281 ½p, Tullow Oil gained 2.8 percent to 205 ½p, while Cairn Energy added 1.8 percent to £17.11.

In European equity markets, the FTSE Eurofirst 300 saw a 1 percent rise on
Friday to end the week up by 0.1 percent to 1,194.47.

The energy sector was a big loser on the week amid indications that high crude oil prices were starting to affect consumer prices. This raised concerns that economic growth could be harmed if prices continued to remain high.

Austrian company OMV dropped 4.8 percent on the week to €38.80, Neste Oil of Sweden lost 3.4 percent to €24.20, and oilfield services company Saipem dropped 2.1 percent to €12.87.

The telecommunications sector was mixed. Two Greek companies both saw advances on the week. OTE was up 5.4 percent to €17.84, while Cosmote Mobile added 4.5 percent to €16.76. On the other hand, Deutsche Telekom lost 1.9 percent to €15.69 around issue of its interest in bidding for UK company O2.

The biggest loser on the week on the Eurofirst was Adecco, the Swiss recruitment agency, which fell 7 percent to SFr61.

Wall Street saw little movement at all on Friday as both the Dow Jones
Industrial Average and the Nasdaq composite stayed all but unchanged on the day, and the S&P 500 saw only a slight gain.

The Dow closed flat at 10,559.23 as did the Nasdaq, ending the day at 2,136.73. The S&P gained 0.1 percent to close at 1,219.71. Over the week, all three indexes ended on the losing side, as the Dow fell by 0.4 percent, the Nasdaq dropped 1.0 percent, and the S&P declined by 0.9 percent.

Several sectors saw declines on the week. While computer maker Hewlett Packard saw a gain of 10.2 percent on the week to $26.49, others in the sector were not so successful. Gateway dropped 16.8 percent to $3.17, Dell lost 0.6 percent to $36.41, and Apple Computer declined by 0.6 percent as well, to $45.83.

Clothing retailers had a rough time of it as well. Gap lost 8.7 percent on the week, while Hot Topic fell 14.1 percent to $14.12. Both were down on disappointing quarterly reports. On the winning side, Six Flags was up by 18.8 percent to $6.45 on the week after its largest investor said that he wanted to triple his investment in the company.

The New York equities markets were mixed but generally lower on Thursday on light trade volumes and concerns about crude oil prices as one analyst said that since September 11, 2001, investors have had one thing after another to worry about.

At the close of the trading day, the Dow Jones Industrial Average was very close to its Wednesday close at 10,552.46, while the Nasdaq composite lost 0.4 percent to 2,135.99 and the S&P 500 settled down by 0.1 percent to 1,218.72.

One of the biggest gainers on the day was Six Flags, the amusement park operator, which gained 18 percent to $6.48 when it’s largest investor announced that he wanted to triple his amount of shares in the company.

While Google announced that it will issue 14.2 million shares of its class A stock for sale, said to be worth around $4 billion, the internet search company’s shares were down 1.8 percent on the day to $279.99.

In the retail clothing sector, meanwhile, J. Crew announced that it will launch an initial public offering to raise $200 million. Elsewhere in the sector, Gap released its quarterly earnings report. In response, its shares lost 1.6 percent to $20.15.

Hot Topic, which sells teenage clothing, cut its forecasts for the third and fourth quarters after falling short of expectations in the second quarter. It lost 10.6 percent on the day to close at $14.14.

London equities markets were down on the day Thursday, the sixth straight session of losses, in what one analyst called a correction phase.

The FTSE 100 was down 0.4 percent on the day to 4,269.3 and the FTSE 250 fell 0.5 percent to 7,619.8 on a volume of 2.4 billion shares traded.

The oil sector was down and the telecommunications sector was mixed on the day. In the oil sector, BP was down by 2 percent to 624p, Royal Dutch Shell’s B shares fell 2.3 percent to £18.40, and BG Group declined by 2.6 percent to 494 ¼p.

Telecommunications firms also fell substantially, with Cable & Wireless down by 1.3 percent to 154 ¼p on a downgrade to “underweight” by Lehman Brothers. Mobile phone group O2, however, gained 1.5 percent to 149p on the continued perception that it is a target for takeover.

On the side of the gainers, Shire Pharmaceuticals was up 6.5 percent to 681p on talk that it might make some sort of arrangement with Barr Pharmaceuticals of the US, which wants to make its own version of the drug Adderall. Barr was scheduled to take the case to court in the US next year, but speculation is that the two companies have reached some kind of licensing agreement.

Elsewhere in the pharmaceuticals sector, GlaxoSmithKline was up 1.5 percent to £13.38 on an upgrade from JP Morgan.

New York equities markets were up at the end of the session on Wednesday, helped by good performance in the computer and chip making sector and falling oil prices.

The Dow Jones Industrial Average gained 0.4 percent to 10,550.71, the Nasdaq composite also rose by 0.4 percent, to 2,145.15, and the S&P 500 was up by 0.1 percent to 1,220.24.

Hewlett-Packard gained 13.2 percent to $26.82 on news that the company has seen sales and profits rise above expectations under its new chief executive. HP’s performance helped other computer companies and chip makers to rally as well.

Dell was up 0.6 percent to $36.92, Apple gained 2 percent to $47.15, and Gateway was up 5.5 percent to $3.28 even though it announced on Monday that it was cutting its revenue and profits estimates for the full year.

Meanwhile, the fall in oil prices provided investors with a psychological, as one analyst commented, but didn’t do much good for the oil companies themselves. Chevron, for example, was down by 1.4 percent on the day to $59.84.

Fashion retailer Abercrombie & Fitch lost 3.9 percent to $58.85 on a quarterly earnings report that showed it had not reached analyst estimates. Merrill Lynch warned that retail stocks could fall well into September as high oil prices and rising interest rates affect consumer spending.

European equities fell for the fifth day in a row as the FTSE Eurofirst 300 lost 0.2 percent to 1,186.10 at the close of trade on Wednesday.

Staffing group Adecco, the world’s largest, fell 5.9 percent on the day to SF461.80 for the worst performance by a blue-chip company after a report of second-quarter profits that were in line with predictions.

Dresdner Kleinwort Wasserstein repeated its rating of “reduce” on the company’s shares and kept its target price at SFr57 per share after Adecco had to drop its gross margin target for the year due to bad conditions in its French market.

Dutch semiconductor equipment manufacturer ASML gained 2.6 percent to €14.20 after Dresdner Kleinwort Wasserstein reiterated its “buy” rating and said that expectations for orders to the company in the second half are too low. Infineon was also up on the day, by 2.6 percent to €7.77, and STMicroelectronics added 2 percent to €13.76.

Elsewhere, Nestle lost 1.2 percent on the day to SFr353.75 even though profits and sales in the first half were above predictions as commodity prices held margins below what had been hoped for.

In London on Wednesday, the equities markets saw their fifth day in a row of negative figures at the close of trade as the Bank of England released the minutes from the most recent meeting of the Bank of England’s monetary policy committee.

The banking and insurance sectors took the implication of the report, that there would not be another interest rate cut soon, especially badly. Overall, the FTSE 100 lost 0.6 percent to close at 5,292.7, while the FTSE 250 declined by 0.6 percent as well, to 7,654.5 at the close. In banking and insurance, Royal Sun Alliance was down 2.3 percent to 94 ¼p, Barclays lost 2.1 percent to 563p, Aviva declined by 2.4 percent to 621 ½p, and Prudential fell 1.7 percent to 514 ½p.

The telecommunications sector did somewhat better as Vodafone gained 0.7 percent to 151 p, BT added 1.8 percent to 220 ¾p, O2 added 2.8 percent to 146 ¾p, and Colt-Telecom gained 3.7 percent to 62 ½p.

The airline sector was mixed. British Airways fell 2 percent to 385 ¾p as its labor dispute continued. EasyJet, however, was up 1.3 percent to 299p after it announced it would save £10 million for the year as a result of a 10-year maintenance deal with Swiss firm SR Technics worth $1 billion.

Mining companies were down for the second day in a row as copper prices continued to fall. BHP Billiton lost 2.9 percent to 813p, Anglo American declined by 2.8 percent to £14.11, Rio Tinto fell 2.6 percent to £19.85, while Antofagasta dropped 1.8 percent to £14.04.

The FTSE Eurofirst 300 lost 0.3 percent to 1,188.70 on Tuesday as the telecommunications sector was mostly down and oil sector had a negative day.

French media group Vivendi Universal gained 1 percent to €26.12 on the news that its Cegatel telecommunications unit has been given provisional permission to merge with its rival Neuf Telecom by the French finance ministry.

Elsewhere in the sector, Deutsche Telekom lost 1.4 percent to €15.77 and KPN was down 1.3 percent to €7.34 on the announcement that they are no longer talking about a merger with UK mobile company O2. France Telecom declined by 0.5 percent to €25.15 even though it kept its “outperform” rating from CSFB.

In the oil sector, losses were primarily due to slight declines in crude oil prices. Royal Dutch Shell was down 1.1 percent to €26.80, Eni lost 1.4 percent to €23.86, and Total declined by 1.6 percent to €208.80. Neste Oil was down 3.3 percent to €23.80, Statoil lost 2.3 percent to NKr49.50, and Norsk Hydro fell 1.8 percent to NKr646.

Despite these losses, the oil and gas sector as a while is still 30 percent higher than it was a the beginning of the year. Despite climbing oil prices, Finair gained 8.5 percent on the day to €8.08. Finair is up more than 40 percent since January.

In London on Tuesday, the FTSE 100 lost 0.4 percent to 5,322.3 and the FTSE 250 was down 0.1 percent to 7,697.0 on a volume of 2.8 billion shares traded.

The biggest loser of the day on the FTSE 100 was Cable and Wireless, on concerns that it is paying too much for Energis, its smaller rival.

Meanwhile, elsewhere in the telecommunications sector, O2 lost 2.6 percent to 142 ¾p after it was confirmed that Deutsche Telekom and KPN would not bid for the mobile phone group. It was a surprise to some analysts that O2 was up after the announcement, as speculation on a possible merger had been driving its gains since the beginning of the year.

Logistics group Exel gained 0.9 percent to 995 ½p on rumors that a bid for the company would come soon. Gains had been higher earlier in the day, but slipped back as the talk diminished during the session UPS and Deutsche Post have both been mentioned as being interested in Exel.

Insurer Royal & Sun Alliance also benefited from rumors of a bid on the company, gaining 4 percent to 96 ½p, the best performance on the FTSE 100 on the day.

In Japan on Tuesday both the Nikkei and Topix indices reached 4-year closing highs as optimism about economic recovery continues. Even a damaging earthquake in the northern part of Honshu did not cause much disruption. The Nikkei 225 was up 0.5 percent to 12,315.67, while the Topix index gained 0.3 percent to 1,252.12.

Companies that deal with commodities were down on profit-taking after gains in the prices of oil and copper. Nippon Oil was down 0.7 percent to ¥878, while Nippon Mining, which has interest in both copper mining and oil, fell by 1.6 percent to ¥728.

Banking was also down. Japan’s largest banking group, Mizuho, closed down 1.4 percent at ¥543,000.

The steel sector was up, with Nippon Steel gaining 1.3 percent to ¥305 and Tokyo Steel Manufacturing added 1.5 percent to ¥1,498. Gains in the steel sector had to do with the announcement on Monday that Nippon Steel is planning on buying new equipment to deal with higher demand.

Aerial photography survey company Pasco was up 13 percent to ¥305 after Tuesday’s earthquake and the announcement that Pasco will launch a computer-based map service in September.

Robot-maker Fanuc gained 4.6 percent to ¥8,220 after securities firm CLSA said that the company benefited from higher robot orders from North America in the first half of the year.

European equities markets ended the day relatively even as the FTSE Eurofirst 300 closed at 1,192.46 as a number of markets were closed for the observance of Assumption Day.

In the banking sector, Commerzbank lost some of its recent gains on the news that its chief executive has come under investigation in an ongoing money laundering inquiry involving the bank, losing 0.8 percent to €20.93.

The automobile manufacturing sector was down on the day as well, as BMW fell by 0.9 percent to €36.42 and Peugeot lost 0.8 percent to €51.90. Michelin was down 0.9 percent to €51.40. In the chemicals sector, Bayer lost 1 percent to €29.36 and specialty chemicals group Clariant declined by 0.8 percent to SFr18.70.

The largest pharmaceuticals wholesaler in Europe, Celesio, lost 2.9 percent to €69.01 on profit-taking after recent gains. In mergers and acquisitions, Philips Electronics was up 0.6 percent to €21.64 after it announced that it would pay around €765 million to buy a 47 percent stake in LED company Lumileds from Agilent Technologies. Philips also announced that it would buy back around €1.5 billion of its own shares in the next year.

In London on Monday, the FTSE 100 was down by 1.6 points to 5,344.2 while the FTSE 250 gained 0.8 points to 7,706. Volume was low at 2.1 billion shares as many investors were paying as much attention to cricket as they were to business.

Mergers and acquisitions gained a good bit of attention as well. Mining group Xstrata was up by 6.2 percent to reach an all-time high of £13.52 on the announcement that it has purchased 19.5 percent of Falconbridge, which is the third-largest nickel and zinc company in the world, for $1.7 billion. Also in the mining sector, copper miner Antofagasta gained 2.5 percent to £14.73.

In the telecommunications sector, Cable and Wireless was up 1.2 percent to 163p as it battled the smaller Thus to take control of the privately owned Energis. However, C&W said that it would not increase its bid package under any circumstances.

Also in the telecommunications sector, Vodaphone gained 1.2 percent to 150 ½p after JP Morgan said it was trading at too low a price in comparison to its competitors.

In New York on Friday, the equities markets were down on the day as the felt the effect of crude oil prices that continue to climb as well as disappointing quarterly news from Dell.

The computer manufacturer released its quarterly earnings report after the close of trading on Thursday, saying that it missed predictions even though earnings were up to $0.41 per share, from $0.31 in the same quarter last year.

Shares in Dell were down 7.9 percent to $36.45 before the trading day began on Friday. Other computer makers were also down during the day, including Hewlett-Packard, which was down 1.5 percent in early-day trading to $23.83. Apple also lost ground during the day, losing 0.8 percent to $43.63.

By the end of the day, the Dow Jones Industrial Average lost 0.80 percent to 10,600,31, the Nasdaq composite had declined by 0.81 percent to 2,156.90, and the S&P 500 had dropped 0.60 percent to 1,230.39.