The FTSE Eurofirst 300 was 0.9 percent lower on Thursday to 1,469.02 after going as high as 1,495.16 during the day. The declines came as most global markets were down for a third day in a row. The CAC 40 in Paris dropped 1.1 percent, as did the Xetra Dax in Frankfurt, to 5,458.40 and 6,640.24 respectively. Meanwhile, the RTS in Moscow dropped another 5.72 percent to 1,797.10.

Banks were mixed on the day. Alpha Bank (OTC: ALBKY) dropped 5.6 percent to €22 on a lowered target share price from Credit Suisse, which nonetheless reiterated its “outperform” rating on the Greek bank even though it found Alpha’s fourth-quarter report lacking. On the other hand, Erste Bank (WBAG: EBS; OTC EBKDY) added 0.6 percent to €56.50 on results that were better than had been anticipated. Swedbank (Stockholm Stock Exchange: SWED A) added 3.5 percent to SKr249 after losses the past two session.

In the telecommunications sector, Deutsche Telekom (NSYE: DT; LSE: DEU; TYO: 9496) dropped 3.8 percent to €13.04 on full-year net profits that were down by 43 percent. The German telecom also revised downward its core earnings prediction for 2007.

Software group SAP (FWB: SAP; NYSE: SAP) added 3.8 percent to €36.13 on rumors that private equity is interested in acquiring a major stake in the Germany company. Additionally, rumors continued to circulate that the software maker would mount a share buy-back. The company refused to comment.

Banks were lower in Europe on Wednesday, sending the FTSE Eurofirst 300 down 0.7 percent to 1,477.47. It was the Eurofirst’s lowest close in two weeks.

The energy sector was mixed after the Supreme Court in Spain lifted an injunction that had barred bids for Endsea from Eon and Gas Natural, leaving only one remaining legal hurdle before bids can be offered. Endsea was 2.6 percent higher to €36.37, but Eon dropped 0.2 percent to €96.59 and Gas Natural was 2.1 percent lower to €29.24.

In the banking sector, Erste Bank fell 3.4 percent to €57.55 after Credit Suisse issued a short-term “sell” recommendation on the stock on concerns of immediate concerns about earnings momentum. However, Credit Suisse maintained its overall “neutral” recommendation on the bank. Meanwhile, Raiffeisen International dropped 3.7 percent to €107.46.

There were gains in the semiconductors sector. Infineon added 0.2 percent to €10.96 on an upgraded targets share price from Deutsche Bank based on a better outlook from its wireless unit. STMicroelectronics gained 0.8 percent to €14.65 after an upgrade from “underweight” to “overweight” from Lehman Brothers, which also upped the chipmaker’s target share price.

Among mobile phone manufacturers, Nokia dropped 2.2 percent to €14.63 on a lowered target share price, from €16.50 to €16.30, from Deutsche Bank. Ericsson, on the other hand, received an upgrade from “hold” to “buy” from Deutsche Bank, which also upped its target share price from SKr27.509 to SKr32.50. Still, Ericsson ended the session steady at SKr28.25.

European equities markets were higher on Wednesday as the banking sector was mixed but mostly higher. The FTSE Eurofirst 300 closed at 1,471.57, a gain of 0.6 percent and just below a five-year high. In Germany, meanwhile, the Xetra Dax ended the session at 6,520.77, its highest closing level since February 2001.

French publisher Lagardere added 2.5 percent to €59.10 on an upgrade from “neutral” to “buy” from UBS, which said it sees the possibility of growth by the publisher. Elsewhere in France, utility EDF added 4.8 percent to €55.55, a record high share price, on hopes that tariffs will go up soon. EDF’s shares have risen more than 15 percent since the end of November. On the other hand, French airplane engine manufacturer Safran dropped 6 percent to €15.95 after announcing that it was investigating accounting problems in its defense security unit and dropping its full-year operating profit margin target to 4 percent.

Raiffeisen International was 6.1 percent higher to €107.13 on growth potential in central and eastern Europe, where the Austrian bank has extensive holdings. In addition, Citigroup began coverage of Raiffeisen with a “buy” rating and a target share price of €124. Among other Austrian banks, Erste Bank added 0.5 percent to €57.63. Erste also has exposure to eastern Europe.

Elsewhere in the sector, ABN Amro was 3 percent higher to €24.10 on the news that it has completed its purchase of Italian bank Antonveneta. There were also rumors that ING is interested in bidding for ABN, its larger Dutch rival. ING gained 2.2 percent to €33.16.

The FTSE Eurofirst 300 ended the day and the week higher on Friday, closing at 1,449.14. The Eurofirst added 0.1 percent on the session and 2 percent higher for the week.

In the pharmaceuticals sector, bids news sent both Schwarz Pharma of German and UCB of Belgium higher when the Schwarz family accepted a €4.4 billion offer, including both cash and shares, for the company in which they hold a 59.2 percent stake. Schwarz added 4.7 percent during the week to €95.99, while UCB was 9.2 percent highr to €52.25.

Bids news also brought gains to the tobacco sector after UK company Gallaher said it had received an offer which many think came from Japan Tobacco. Despite a decline on Friday after a downgrade from Cazenove, Gallaher was 24.2 percent higher over the week to £11.72. With investors hoping for more consolidation in the sector, French-Spanish tobacco group Altadis ended the week with a gain of 8.8 percent to €40.5.

Banks also had a good week. Irish banks were led higher by Anglo Irish Bank after it said that its pre-tax profits were better than had been expected and after UBS upped its target share price. Anglo Irish added 8.4 percent to €15.44, while Allied Irish Banks added 3.8 percent over the week to €21.49 even after it didn’t raise its growth guidance. Bank of Ireland, meanwhile, was 3.7 percent higher to €16.65.

Austrian banks also did well. Erste Bank added 4.2 percent to €57.78 after ING initiated coverage with a “buy” recommendation. Raiffeisen International was 6.8 percent higher to €99.90. Both banks do substantial business in eastern Europe.

Declines in the oil and automobile manufacturing sectors sent the FTSE Eurofirst 300 0.3 percent lower on Monday to 1,445.8. Carmakers were lower on profit taking, while oil stocks dropped on falling crude oil prices.

In the automobile manufacturing sector, BMW dropped 1.2 percent to €44.64 and Fiat declined 1.3 percent to €13.68. Peugeot was 1.5 percent lower to €44.33 after it cut full-year estimates after reports showed sales down in the first nine months of the year. Volkswagen fell 1.7 percent to €77.40 on mixed reviews from brokers. West LB reduced its recommendation from “hold” to “reduce”, but Goldman Sachs, UBS, and Deutsche Bank all raised VW’s target share price.

Declining oil prices sent Spanish company Cepsa down 1.3 percent to €60.90. Statoil was 2.2 percent lower to NKr165.25 even though it exceeded expectations in its third quarter report on previously high prices for crude. Neste Oil dropped 2.3 percent to €24.81, while Norsk Hydro’s lower than anticipated report on third-quarter profit sent its shares 2.8 percent lower to NKr148.75.

Elsewhere, banks were also lower on the session. Erste Bank of Austria did better than the rest of the sector, losing only 0.2 percent to €53.80 on a report of net profits up by 16 percent in the third quarter, which was just lower than had been expected. Trading income was down by 22 percent. ABN Amro also dropped 0.2 percent, to €22.95, after it said its net profit dropped by 5.6 percent in the quarter. Raiffeisen International dropped 0.7 percent to €89.60.

In Europe on Tuesday, the FTSE Eurofirst 300 ended slightly lower, down 0.1 percent to 1,449.5

Banks were mixed on the session, with Erste Bank 1.6 percent higher to €54.15 on an upgrade to “buy” from Merrill Lynch, while Raiffeisen added 2.4 percent to €89 and Allied Irish Banks gained 2.8 percent to €21.25. Swedish banks, however, were lower on the session. SEB dropped 1 percent to SKr206, Swedbank was 1.7 percent lower to SKr225.50, and Handelsbanken fell 4.5 percent to SKr192 on third quarter results that saw both operating profits and gross income failing to meet predictions.

Oil companies were mixed as well. Statoil was 1.1 percent higher to NKr167.75 on the announcement that its Snorre oilfield, closed due to a safety problem concerning lifeboats, is being brought back online. Neste Oil added 4.5 percent to €24.35 after declines on Monday on a downgrade from Morgan Stanley. Norsk Hydro, however, dropped 0.5 percent to NKr150.75 after it said that operating profits were up 18 percent in the third quarter, less than had been anticipated.

In the construction sector, Spanish builder Metrovacesa dropped 8.1 percent to €115.70 on remarks from the government stock market regulator that its listing on the Ibex index should be examined.

Alcatel, the French telecommunications equipment maker, added 7.2 percent to €10.29. While net profits were down 42 percent in the quarter, mostly due to one-time gains during the third quarter last year, profits for US telecom Lucent, which Alcatel is purchasing, posted results that were better than had been predicted.

Despite a round of profit-taking on Wednesday, the FTSE Eurofirst 300 was still 0.1 percent higher on the session to close at 1,425.39.

Banks were mixed on the day. Gainers include Italian banks Banca Intesa and Sanpaolo IMI as well as Societe Generale. Intesa and Sanpaolo were both higher after Credit Agricole said that it would support the proposed merger between the two Italian banks. Intesa was 1.3 percent higher to €5.61, while Sanpaolo gained 1.4 percent to €17.91. Societe Generale added 2.5 percent to €129.60.

Credit Agricole itself, however, dropped 5.1 percent to €33.70 on the support announcement and after it said it was thinking about a rights issue worth €4 billion for the first part of next year in order to fund the purchase of 600 Intesa branches. Dresdner Kleinwort, UBS, and ABN Amro all issued downgrades on Agricole.

Other banks seeing declines on the session included Raiffeisen International, which fell 0.6 percent to €88, Erste Bank, down 1.7 percent to €51.09, and Natexis Banque Populaire, which dropped 4.1 percent to €225.

The telecommunications sector saw gains on the day. Ericsson B shares added 4.6 percent to SKr27.30 on the news that its joint venture in the manufacture of handsets with Sony produced double the best estimates of pre-tax profits in the third quarter. Telecom Italia was 4.3 percent higher to €2.33 on a report that a French-Polish financier has purchased shares in the company. Bids rumors sent Deutsche Telekom up 2.6 percent to €12.77.

The FTSE Eurofirst 300 was up 0.6 percent on Tuesday to 1,423.36, a new five-year high level, on strength in financial and banking sectors.

German non-life insurer Allianz added 2 percent to €143.32 on the expectation that the value of its investment in Industrial and Commercial Bank of China will increase after that bank’s IPO in Hong Kong and Shanghai later in the month. Ras Holding, an Allianz subsidiary, was also higher, gaining 2.2 percent to €22.64.

Banks were mixed but mostly higher on the session. Spanish bank Banesto, which reported net profits up by 17.1 percent in nine months, still dropped 0.4 percent to €16.20 when the increase was not up to projections. However, Santander, which owns a majority of Banesto, added 2.2 percent to €13.18.

Meanwhile, in Italy, Banca Intesa gained 2.7 percent to €5.54 as it came close to an agreement to sell some of its branches to Credit Agricole as part of the terms required to complete its merger with Sanpaolo IMI, which added 2.4 percent on the session to €17.66.

Among Austrian banks, Erste Bank added 3.9 percent to €51.99 on positive comments from Bear Stearns and from Dresdner Kleinwort. Rival Raiffeisen International was 4.4 percent higher to €88.50.

In the transport equipment sector, MAN was down another 0.6 percent to €68.05, while Scania was 2.4 percent lower to SKr432.50. Volvo, meanwhile, was 3 percent higher to SKr445.

Gains in recently ailing technology sectors helped the FTSE Eurofirst 300 higher on Wednesday. The Eurofirst added 0.3 percent to 1,359.59. Banks exposed to emerging European economies also did well.

Raiffeisen International, the Austrian bank that bought Impex Bank of Russia earlier in the year was 4.5 percent higher to €71.26. Meanwhile, National Bank of Greece, which purchased Turkish bank Finansbank, gained 3.3 percent to €32.24 and Erste Bank added 2.7 percent to €46.89. Erste has spent over €6.3 billion in acquiring east European holdings since the beginning of the decade.

In the telecommunications equipment sector, Ericsson was 1.8 percent higher to SKr23 on positive comments from Dresdner Kleinwort. Elsewhere in the sector, Nokia and Alcatel each added 2.8 percent to €16.48 and €9.47 respectively.

Phillips Electronics was 0.1 percent higher to €25.94 after it said it would sell Enabling Technologies Group, which manufactures components for industrial equipment, to VDL Groep. Phillips has been in the process of restructuring for some time and comments from Merrill Lynch indicated that there was probably more to come.

In the utilities sector, Eon dropped 0.1 percent to €99.89 even though Deutsche Bank repeated its “buy” recommendation and increased its target share price from €105 to €110.