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Date: Thursday 21 Aug 2008

LONDON (ShareCast) - Europe’s leading exchanges have opened lower with airlines and carmakers hit by a rise in oil prices.

Air France-KLM and German luxury carmaker BMW have fallen back early on.

Crude currently costs just under $116 a barrel. Oil prices settled 45 cents higher at $114.98 a barrel yesterday on the New York Mercantile Exchange after a volatile session which saw crude hit a high of $117 a barrel then tumble below $114 after weekly government supply data showed a bigger than expected increase in crude inventories.

Banks are also lower after further losses at US mortgage financiers Freddie Mac and Fannie Mae overnight. France’s BNP Paribas and Switzerland’s UBS have fallen back.

Holcim has dropped after the Swiss cement maker’s second-quarter net profit fell to 696m Swiss francs compared with 2.07bn francs last time because of high energy prices and fewer orders.

The German Dax is 71 points lower at 6,246, the French CAC dropped 57 points to 4,308, while the Swiss market fell 87 points to 7,012.

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