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European markets open lower on earnings

Monday, October 22 08:41:37

European stocks fell early today, with a key index slipping further from a one-month high hit last week as investors worried about corporate profits after a string of disappointing results. At 0706 GMT, the FTSEurofirst 300 index of top European shares was down 0.2 percent at 1,109.43 points. The index strongly rallied last week, surging to just a few points below a 14-month high hit in mid-September, before dropping 0.8 percent on Friday, hurt by weak U.S. corporate earnings from companies such as General Electric.

"We're now seeing double tops around the resistance levels. We're very cautious because the risk is that people lose patience as the indexes fail to break above the resistances and the consolidation becomes a correction," Aurel BGC chartist Gerard Sagnier said. Monday's retreat was broad-based, with Telefonica down 0.4 percent and Daimler down 0.3 percent. ( C) Reuters