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Europe: Shares turn lower

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Date: Wednesday 30 Apr 2008

LONDON (ShareCast) - Europe’s main bourses were slightly lower midmorning ahead of the US Federal Reserve’s interest rate decision later today.

Alcatel-Lucent dropped after the telecommunications equipment maker lowered its full-year sales guidance and reported weak first-quarter figures.

Sanofi-Aventis fell as delays to experimental antidepressant Saretudant and an unchanged full-year guidance overshadowed better-than-expected first-quarter sales and profits.

Business management software group SAP saw quarterly profit decline due to acquisition-related costs and the impact of the weak dollar.

Siemens gained after chief executive Peter Loescher said he was guardedly optimistic about the second half, though quarterly net profit dropped 67%.

The German Dax fell 12 points to 6,872, the French CAC is down 25 points to 4,951, while the Swiss market lost 34 to 7,427.

The euro zone economic sentiment indicator fell to 97.1 in April from 99.6 in March, according to the European Commission.

In other economic news, the Labour Office said the number of jobless people in Germany fell to 3.4m in April, down 94,000 from the previous month.