Profit-taking sent European equities markets lower on Tuesday after Monday’s advances. Also helping the losses were weaker than expected earnings reports and downgrades from brokers. The FTSE Eurofirst 300 was 0.4 percent lower to 1,378.98.

In the banking sector, Anglo Irish Bank declined by 3.1 percent to €12.69 after a trading update that disappointed. Elsewhere in the sector, Deutsche Postbank was 1.6 percent lower to €60.60 on a downgrade from “hold” to “reduce” and a lowering of its target share price from Dresdner Kleinwort. Credit Agricole was 0.8 percent higher to €31.94 after it made an offer on Monday for the shares it does not already own in Greek insurer Phoenix Metrolife. Emporiki Bank added 1.9 percent on the news. Phoenix Metrolife is a division of Emporiki.

Insurer Alleanza declined by 3.4 percent to €9.263 after it reported that both revenue and premium income had dropped in the first half. This worried investors even though net profits were up by 28 percent. The Italian bank also said that it would not return cash to shareholders as planned. Generali, which controls Alleanza, were 0.5 percent lower to €29.34.

In the telecommunications sector, Nokia dropped 1.6 percent to €15.78 even though traders tended not to believe talk that the company will soon issue a profit warning.

In Europe on Thursday, the FTSE Eurofirst 300 was down by 0.6 percent to 1,383.20 as the day’s trading session closed. The oil and utilities sectors were down on lower oil prices, and the oil and mining sectors were affected by the news that China had raised interest rates unexpectedly. On the other hand, the insurance sector saw gains on the day.

UBS issued comments on several insurers and reinsurers, helping them higher. Axa received an upgrade from “neutral” to “buy, which helped it add 1.4 percent to €29.35. The recommendation on Allianz was raised from “reduce” to “neutral” and it gained 1.2 percent to €134.11. Among reinsurers, UBS reiterated its “buy” recommendations on Swiss Re and Hannover Re, and they each added 0.6 percent to SFr91.45 and €29.70 respectively. Munich Re retained its “neutral” rating and was up 1.2 percent to €113.85. Outside of the round of recommendations, Italian insurer Alleanza was up 2.8 percent to €9.757 on the news that a plan is in the works to return over €1 in excess cash to its shareholders.

Among oil companies, Statoil was down 3.1 percent to NKr203, while Neste Oil dropped 2.7 percent to €27.49 and Total declined by 1.2 percent to €222.20.

In the utilities sector, Finnish company Fortum was worst off, dropping 8.5 percent to €19.60, while Electricite de France lost 4.2 percent to €46.55, RWE was down 2.6 percent to €69.60, and Eon declined by 1.3 percent to €95.95.

Results were mixed in the chemicals sector. Bayer reported an 8.2 percent advance in operating earnings in the first quarter, adding 3.5 percent to €36.75 on the day. BASF, however, dropped 1.1 percent to €68.28.

In Europe on Tuesday, the FTSE Eurofirst 300 was down 0.5 percent to 1,364.9 on worries that both US and eurozone interest rates could be going up again soon. The likelihood that eurozone rates could go up again was increased by new data on German business confidence that was up more than had been expected.

The telecommunications sector was instrumental in the declines after the European Commission said it will cut international roaming charges on calls made from mobile phones. The plan could cut charges to consumers by as much as 60 percent. UK mobile company Vodafone was down 4 percent to 119½p. Spanish company Telifonica Moviles lost 0.8 percent to €10.74. TeliaSonera, listed in Stockholm, dropped 1.3 percent to SKr46.40.

There were also losses among fixed-line telecommunications companies. Hellenic Telecom dropped 3 percent to €17.80, Telekom Austria was down 2.5 percent to €19.42, and France Telecom declined by 1.5 percent to €18.71.

Among insurers, Alleanza of Italy was down 4.9 percent to €9.95 even though it said net profits would be up by 30 percent by 2008. Swiss Life dropped 4 percent to SFr266 as investors worried that most of its 44 percent profits in 2005 had been due to one-time income.

In the biotechnology sector, Swiss company Serono added 2 percent to SFr933 on rumors that a bid for the company would be forthcoming soon.