In the European equities markets, the FTSE Eurofirst 300 lost 0.4 percent to 1,224.74 on profit-taking based on higher oil prices.

The mining and retail sectors, as well as the automobile manufacturing sector, were down on the day.

The biggest winner in terms of percentage on the day was Neste Oil, which gained 3.4 percent to €31.48. Elsewhere in the sector, Statoil was up 1.2 percent to NKr166, but Saipem lost 0.2 percent to €13.95.

The automobile manufacturing sector saw losses across the board. Even though Morgan Stanley raised DaimlerChrysler’s earnings per share forecast for 2006 and 2007 after the carmaker announced job cuts in its Mercedes division Wednesday, shares in the car company fell 2.5 percent to €44.50. BMW lost 0.1 percent to €38.87 after Credit Suisse First Boston raised its target price from €40 to €48 and repeated its “outperform” rating. Peugeot lost 1.7 percent to €56.40, Renault fell 1.8 percent to €78.25, and Volkswagen declined 2.4 percent to €37.39.

In the banking sector, Italian bank Sanpaolo IMI gained a fraction to €12.91 and Ersle Bank rose 1.8 percent to €43.49.

The steel sector also saw gains. Anglo-Dutch company Corus gained 1.3 percent to €0.78 when UBS upgraded the rating on its shares from “neutral” to “buy”. UBS raised the price target on Arcelor as it increased steel price forecasts by 5 percent for 2006 and 2007. As a result, Arcelor was up 0.3 percent to €19.45. ThyseenKrupp was up 1.9 percent to 17.32, while Spanish stainless steel company Acerinox added 0.6 percent to €11.44.

In Europe on Wednesday, the FTSE Eurofirst 300 gained 0.9 percent to 1,229.21.

The banking sector was responsible for 41 percent of the index’s advance. Insurers and automobile manufacturers also did well.

DaimlerChrysler gained 1.7 percent to €45.65 ahead of an expected announcement of 5,000 to 8,000 jobs to be cut. Helped by a stronger dollar, BMW was up 1.3 percent to €38.90, Peugeot rose by 2.7 percent to €57.40, and Renault added 3.2 percent to €79.65. Volkswagen was up 1.9 percent to €38.30. Bucking the sector trend, Porsche lost 3.6 percent on the day to €642.29 as investors were still not sure they liked the carmaker’s plan to buy 20 percent of VW.

In the insurance sector, Munich Re gained 1.7 percent to €94.71 as it announced its estimate of its loss burden related to both Hurricane Katrina and Hurricane Rita. Swiss reinsurer Converium gained 1.2 percent to SFr12.95, also after it released estimated hurricane-related losses. Allianz gained 4 percent to €111.40 on an upgrade of its rating from “hold” to “buy” by Deutsche Bank, which also upped the insurer’s price target from €115 to €127.

In the banking sector, Vienna-listed Raiffeisen International gained 7.6 percent to €53.52 on an initial “buy” rating from UBS. BNP Paribas received an upgrade from “in-line” to “outperform” from Goldman Sachs, gaining 2.4 percent to €62.60. BNP Paribas rival Societe Generale gained 1.7 percent to €94.80 after BNP’s chief executive said a merger between the two was not likely.

Elsewhere in the sector, Credit Agricole gained 3.4 percent to €24.45, Deutsche Bank added 2.6 percent to €77.85, and Commerzbank also rose 2.6 percent to €22.82.

In Europe on Tuesday the FTSE Eurofirst 300 was down on profit-taking despite gains in the oil and steel sectors, losing 0.3 percent to 1,218.44.

Also having an effect on European stocks was a comment by an official of the US Federal Reserve that hinted at the possibility of rising interest rates on a global scale on concerns about inflation.

Sectors that depend on high consumer confidence were down on the day. Italian jeweller Bulgari lost 4.2 percent to €9.32 on an unexpected drop in first-half profits, which the company blamed on currency losses, taxes, and higher advertising costs.

Also in the luxury goods sector, Christian Dior declined by 0.4 percent to €68.05 and LVMH dropped 0.6 percent to €68.20.

The banking sector saw gains, however. Capitalia, the Italian bank, gained 4.3 percent to €4.54 on a “buy” rating from Citigroup, and Swedish bank Handelsbanken was up 3 percent to SKr173.50 on the announcement that it had appointed a new chief executive and that its former chief was moving to the office of chairman.

In the steel sector, Arcelor, the world’s second-largest steel company, gained 0.8 percent to €18.85.

Elsewhere in the sector, Saltzgitter of Germany was up 3.4 percent to €41.45 and Corus rose 1.4 percent on the day.

In Europe on Friday the FTSE Eurofirst 300 closed at 1,207.44, a loss of 0.5 percent on the week.

Gains in the oil sector helped the equities market not lose any more than it did by balancing declines in the insurance sector due to fears of a new round of claims expected from victims of Hurricane Rita.

Despite a 2.7 percent decline on Friday due to a downgrade of Rita’s strength, Finnish oil refiner Neste Oil gained 11.5 percent for the week to end at €31.20. Neste reached a record high of €32.19 on Thursday.

In the automobile manufacturing sector, Volkswagen gained 13.1 percent on the week to close at €51.86 on Friday after going as high as €52.53 earlier in the day. Volkswagen’s strength was due partly to positive comment by brokers and partly to rumors that US billionaire Kirk Kerkorian is building a stake in the company much as he has done in General Motors.

In the insurance sector, Munich Re fell 2.5 percent over the week, mainly on rumors that it will soon issue a warning on profits. Elsewhere in the sector, Swiss Re dropped 2.5 percent to SFr81.25, Zurich Financial lost 2.4 percent to SFr217.70, and Axa fell 2.1 percent to €21.84.

In Europe on Wednesday, the FTSE Eurofirst 300 fell 1.04 percent to 1,205.39. In Germany, the Xetra Dax was down even more, falling 1.77 percent to 4,875.22.

Among the reasons for the declines were worries about a new hurricane threatening the United States.

The banking sector was one of the biggest decliners on the day, falling after a downgrade of the sector from “overweight” to “neutral” by JP Morgan.

UBS was down 0.8 percent to SFr109.10, Credit Suisse Group lost 1.4 percent to SFr57.25, and Deutsche Bank declined 2.6 percent to €74.90.

The reinsurance sector was down on reports of the strengthening of Hurricane Rita on the heels of losses incurred by Katrina. Munich Re lost 1.9 percent to €90, while Swiss Re fell 1.5 percent to SFr81.80.

The semiconductor sector also saw declines on the day, as Infineon lost 1.1 percent to €7.90 on a report that it was getting ready to spin off its DRAM memory chip unit, which has been incurring losses.

Elsewhere in the sector, STMicroelectronics fell by 2.7 percent to €13.93 and Dutch chipmaking equipment company ASML declined 3.3 percent to €13.39 on reports that chip equipment sales and billing were both down globally.