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European Markets Close Mixed

November 29, 1999

LONDON (AP) _ European markets closed mixed Monday.

In London, the Royal Bank of Scotland led the slide in bank shares, closing down 6.6 percent. Analysts said the decline was due to disappointment that the bank’s bid for NatWest had a lower than expected cash element, and concerns that the bid may be referred to competition authorities.

London stocks reported gains in other areas however. Rio Tinto stock rose 4.4 percent after some analysts said they had confidence base metals prices would continue to rise.

Overall, London’s FTSE 100 blue-chip index closed up 7.5 points at 6692.3 points.

In other domestic markets, Frankfurt’s Xetra DAX index closed down 1.2 percent to 5,888.88, the Paris CAC-40 index ended 0.4 percent lower to 5,373.91, Milan’s MIBtel index rose 1.3 percent to 36,311 and Amsterdam’s AEX index rose 0.2 percent to 611.09.

In Frankfurt, Deutsche Telekom was the main blue-chip decliner, after Telecom Italia dismissed rumors TI would sell the German company a stake in its mobile phone unit. Deutsche Telekom shares closed down 2.9 percent.

Shares of Volkswagen closed down 4.2 percent after the company said it wouldn’t meet its sales revenue target of 6.5 percent.

The Dow Jones Stoxx Index of 600 European companies closed up 0.61 points, or 0.2 percent, at 345.71 points, led by rises in the technology sector. Banks were the leading decliners, with the respective index closing down 0.7 percent.

The Dow Jones Euro Stoxx Index _ which tracks 310 companies in countries that joined the single currency _ ended down 0.30 points at 366.00.

The Dow Jones Euro Stoxx 50 Index finished down 16.45 points at 4364.32, while the DJ Stoxx 50 Index ended down 2.90 points at 4,345.27.

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