The FTSE Eurofirst 300 dropped 5.1 percent during the week and was down 1.4 percent on the year when it closed at 1,463.3 on Friday.
Banks were lower, with those exposed Turkey and Eastern European markets doing the worst. EFG Eurobank (ASE: EFG) dropped 8.4 percent to €27.20 after it agreed this week to purchase 70 percent of Tefkenbank of Turkey. Raiffeisen International (WBAG: RIBH) fell 9.2 percent to €102.25; the Austrian bank owns assets in Central and Eastern Europe. National Bank of Greece (LSE: NBGA; NYSE: NBG), owner of Finansbank of Turkey, was 9.5 percent lower to €38, while Alpha Bank (OTC: ALBKY) fell 12.5 percent to €21.88 even though it reported that profits were up by 24.6 percent in 2006.
Software maker SAP (FWB: SAP; NYSE: SAP) added 1.4 percent during the week to €35.34 after bids rumors and a reiterated “buy” rating from Deutsche Bank (NYSE: DB).
In the automobile manufacturing sector, Volkswagen (OTC: VLKAY) and Porsche (FWB: POR3) were both lower, even though VW reported good results from its Audi division. VW dropped 1.8 percent on the week to €93.22, while Porsche fell 6.7 percent to €968.21.
Moller Maersk, the Danish shipper which has exposure to Russia and China, saw its B shares drop 7.2 percent lower this week to DKr58,200.