The FTSE Eurofirst 300 was down for a third consecutive day on Thursday as investors continued to worry that the US Federal Reserve could raise interest rates again soon. The Eurofirst was 0.9 percent lower to 1,351.32, its lowest level in a month.

The automobile manufacturing sector saw declines. BMW dropped 1.6 percent to €38.97 on the news that sales dropped by 10.9 percent in August. That announcement sent the rest of the sector lower as well. Volkswagen and Renault each fell 2.1 percent, to €62.05 and €88 respectively.

Aerospace company EADS was 4.4 percent lower to €21.79 when BAE Systems said it is determined to sell its 20 percent portion of Airbus to EADS.

LVMH was down by 3.3 percent to €77.75 when its interim report did not meet analyst expectations. The luxury goods group’s margins in its wine and spirits unit were under pressure. Still, J. P. Morgan reiterated its “overweight” recommendation and its target share price of €94 on the stock. The news sent Christian Dior down 3.5 percent to €78.25 despite a gain of 45 percent in its profits in the first half. Dior owns a controlling share of LVMH.

Retailer Ahold added 4.1 percent to €7.65 on a 60 percent gain in net profits in the second quarter, mostly due to better than expected performance in its US foodservice distribution and supermarket units. The results have halted, for the time being, calls for Ahold to sell its US business and concentrate on its European concerns.

The European equities markets were down on Thursday on weakness in several sectors despite strength in other areas, as well as on renewed worries about rising interest rates after the European Central Bank raised interest rates to 2.5 percent, up a quarter point.

The FTSE Eurofirst 300 was down 0.9 percent to 1,343.20.

There were some gains on the day due to mergers and acquisitions action and rumors. Swedish engineering group Atlas Copco was up 4.6 percent in its A shares to SKr205.00 on speculation that it had gotten a good price for its US-based construction equipment rental operation, Rental Service. In the biotechnology sector, NicOx gained 78 percent to €5.98 on the news that it has signed a deal worth up to €323 million with Pfizer, giving Pfizer exclusive rights to NicOx eye treatment technology.

The luxury goods sector was also up on the day, with LVMH up 3.7 percent to €79.35 on its report that operating profits had grown 16 percent over the full year, well above expectations. Elsewhere in the sector, Christian Dior gained 3.9 percent to €81.80, while Richemont was up 3.2 percent to SFr59.30.

Insurers were down, however. Swiss Re, for example, lost 4.7 percent to SFr89.50 on the announcement that its net profits had declined by 41.4 percent.

In the automobile manufacturing sector, Volkswagen dropped 3.7 percent to €55.42 over internal problems concerning the German automaker’s restructuring plans.

The telecommunications sector was mixed, with Deutsche Telekom up 1 percent to €13.63 on a good fourth-quarter earnings report and Greek telecom OTE up 1.7 percent to €18.18. France Telecom, however, was down 0.4 percent to €18.13.

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.