Europe’s equities markets were mostly lower on Wednesday.

The exception was Frankfurt’s Dax, which added 0.28 percent to 7,445.9.

The FTSE Eurofirst 300 fell 0.08 percent to 1,493.42.

In Madrid, the IBEX dropped 0.18 percent to 14,527.6, while the Paris CAC-40 was 0.66 percent lower to 5,442.72.

Banks were mostly lower, again the exception coming in Germany where Commerzbank (FWB: CBK) added 0.47 percent to €29.67. UBS (SWX: USBN; NYSE: UBS; TYO: 8657) dropped 0.4 percent to SFr63.25 after Deutsche Bank (FWB: DBK; NYSE: DB) cut the Swiss bank’s target share price from SFr90 to SFr80 but reconfirmed its “buy” recommendation.

Deutsche Bank, in turn, had its recommendation cut from “buy” to “neutral” by Merrill Lynch (NYSE: MER; TYO: 8675), sending the German bank 1 percent lower to €93.43.

Among French banks BNP Paribas (Euronext: BNP; TYO: 8665) fell 1.45 percent to €77.05, while Societe Generale (Euronext: GLE) was down 2.29 percent to €116.27.

Insurers also saw declines.

Allianz (FWB: ALV; NYSE: AZ) dropped 1 percent to €154.23, while AXA (Euronext: CS; NYSE: AXA) was 1.2 percent lower to €28.49 after Credit Suisse (SWX: SCGN; NYSE: CS) cut its recommendation from “outperform” to “neutral”.

The best performance on the Dax came from drug and chemicals group Bayer (FWB: BAY; NYSE: BAY; TYO: 4863), which added 5.49 percent to €55.07 on the possibility that Novartis (NYSE: NVS) might offer for the company.

Officials of both Bayer and Novartis declined to comment on the rumors.

Stock exchange operator Deutsche Boerse (FWB: DB1) had the worst day on the Dax as it dropped 2.66 percent to €80.54.

IT group Cap Gemini (Euronext: CAP) had the best day on the CAC-40, adding 4.04 percent to €45.63, while the worst performer on the 40 was Air France (Euronext: AF; NSYE: AKH) with a 2.74 percent decline to €28.70.

On the other hand, Lufthansa (FWB: LHA) gained 1.56 percent to €20.21.

France Telecom (Euronext: FTE; NYSE: FTE) added 1.26 percent to €20.90 on rumors that it has won the license to sell Apple’s (NAS: AAPL; LSE: ACP; FWB: APC) iPhone in France.

European markets saw losses on Tuesday, led by declines in banks that are still beset by problems in the credit market.

The FTSE Eurofirst 300 was 1.28 percent lower to 1,493.85.

In Frankfurt the Dax dropped 0.66 percent to 7,425.07, while the WIBEX was down 1.21 percent to 14,553.1 in Madrid and the Paris CAC-40 fell 1.63 percent to 5,478.66.

The banking sector was led lower as UBS (SWX: UBSN; NYSE: UBS;j TYO: 8657) warned that earnings by investment banks would be affected by recent market volatility in the second half.

While the Swiss bank reported better than anticipated results in the second quarter, it said that if current conditions persist its second half could be weak.

After its warning, UBS dropped 3.9 percent to SFr63.50.

Banks were the three biggest losers of the session on the CAC-40.

Credit Agricole (Euronext: ACA) fell 2.77 percent to €27.03, while BNP Paribas (Euronext: BNP; TYO: 8665) was 3.48 percent lower to €78.18 and Societe Generale (Euronext: GLE) dropped 4.59 percent to €119.00.

Spanish bank Banco Santander (IBEX-35: SAN; LSE: BNC; NYSE: STD) was 1.7 percent lower to €13.52.

In Frankfurt, meanwhile, Commerzbank (FWB: CBK) was down 1.47 percent to €29.37, while Deutsche Bank (FWB: DBK; NSYE: DB) fell 2.9 percent to €94.33.

The biggest loser on the Dax, however, was Fresenius Medical Care (FWB: FREG), which was down 2.99 percent to €35.12.

Steelmaker ThyssenKrupp (FWB: TK; LSE: THK) was the best performer on the Dax as it added 2.22 percent to €40.34 on an upgrade from “neutral” to “outperform” from Credit Suisse (SWX: CSGN; NYSE: CS), which also raised the steel group’s target share price from €42 to €47.

There were only four gainers on the day on the CAC-40, with hotels operator Accor (Euronext: AC) leading the way with a gain of 0.69 percent to €59.44.

The semiconductors sector was higher, with STMicroelectronics (Euronext: STM; NYSE: STM) 0.16 percent higher to €12.60 and Infineon (FWB: IFX; NYSE: IFX) up 0.45 percent to €11.17.

The FTSE Eurofirst 300 was down by over 1 percent to 1,466.97 on Tuesday. The banking sector was instrumental in the declines as worries about the US subprime mortgage sector continued in abundance, despite analyst opinion that it would not turn out to have that much effect in the European sector.

Among investment banks, UBS (SWX: UBSN; NYSE: UBS; TYO: 8657) dropped 1.1 percent to €70.20, while Deutsche Bank (NYSE: DB) and Credit Suisse (SWX: CSGN; NYSE: CS) each fell 1.9 percent, to €96.46 and €85.75 respectively. Commerzbank (DAX: CBK) was 2.9 percent lower, not only on the general sentiment in the sector, but also due to a statement from Citigroup (NYSE: C) that it is not interested in bidding on the German bank.

In the chemicals sector, Akzo Nobel (Eurofirst: AKZ; NAS: AKZOY) added 0.8 percent to €54.11, still buoyed by news of the sale of its Organon drugs unit to US company Schering-Plough (NYSE: SGP). ING (Euronext: INGA; NYSE: ING) upgraded Akzo from “hold” to “buy” and upped its target share price to €64, citing a sale price for the company that was €3 billion dollars than market estimates.

Altadis (IBEX-35: ALT) added 1 percent to €38.20 even though it denied that UK tobacco company Imperial Tobacco (LSE: IMT) was looking for a friendly merger in order to stop an approach by Kohlberg Kravis Roberts.

European equities markets saw significant advances on Thursday. The FTSE Eurofirst 300 added 1 percent to close at 1,530.13, a six-year high.

Insurer Axa added 2.6 percent to €33.18 on a full-year report that showed sales 10 percent higher. The results brought an upgraded target share price, up from €34.50 to €36.10 from UBS, which also repeated its “buy” rating.

Elsewhere among financials, banks were higher after Deutsche Bank said that it made a record profit of €6 billion in 2006 due to growth in income from investment banking and trading. While Deutsche Bank ended the day even at €108.45, UBS was up 1.2 percent to €78.70 and Societe Generale gained 1.4 percent to €137.40. Anglo Irish Bank was 3.2 percent higher to €16 placement of 35.71 million shares in order to raise funds for expansion.

The oil sector gained on Royal Dutch Shell’s report that it had underlying profits of 2.6 percent in the fourth quarter, better than had been anticipated. Shell added 2 percent to €26.50, while OMV gained 1.3 percent to €41.62 and Total was 1.6 percent higher to €52.65.

The pharmaceuticals sector was higher on news from UK company AstraZeneca that it will emphasize joint ventures and cut jobs to promote growth. Novartis added 1.1 percent to SFr72.30 on an upgrade from JP Morgan, which raised the drug maker’s recommendation from “neutral” to “overweight” and upped its target share price from SFr74 to SFr81. Santhera Pharmaceuticals added 23.6 percent to SFr119.90 on an upgrade of its target share price from SFr123 to SFr175 from Deutsche Bank. Santhera expects an early approval of its treatment for a neuromuscular disease from the US Food and Drug Administration.

The FTSE Eurofirst 300 added 0.1 percent Wednesday to close at 1,502.83 as a strong opening in New York helped overcome earlier declines due to profit taking.

The mining and oil sectors were mixed as base metals prices dropped and broker sentiment on oil was negative. Norsk Hydro, which has aluminium as well as oil interests, dropped 3.2 percent to NKr188.50. Meanwhile, Merrill Lynch reduced its rating on the oil sector as a whole to “underweight” on the basis of falling refining margins. Italian refiner Saras fell 0.8 percent to €4.05, while Neste Oil was 1.8 percent lower to €22.71. On the other hand, Hellenic Petroleum added 5.2 percent to €11.10 after a consortium it participates in found natural gas in Libya.

Steelmakers were hurt by a sector downgrade from Credit Suisse, which reduced its recommendation from “market weight” to “underweight”. ThyssenKrupp dropped 2 percent to €35.96, while Salzgitter fell 2.3 percent to €99.31 and Mittal Steel was 4 percent lower to €31.55.

The banking sector was higher on the session. UBS added 2.5 percent to SFr75.90. Greek banks Alpha Bank and EFG Eurobank both saw gains as well, with Alpha up 2.6 percent to €23.90 and EFG 2.9 percent higher to €28.70.

In Europe on Tuesday, the FTSE Eurofirst 300 added 0.4 percent to 1,4740.4, closing at its highest level since May 2001.

In the insurance sector, Munich Re dropped 2 percent to €128.50. Investors and analysts were not happy with its announced buyback plan, worth €1 billion, considering that the reinsurer has excess capital estimated to be in excess of €4 billion.

The European media sector saw declines on the session. Mediaset dropped 0.2 percent to €8.92 on a downgrade as it prepares to release its third-quarter report. Morgan Stanley reduced its rating on the Italian broadcaster from “overweight” to “equal-weight”. Vivendi fell 1.4 percent to €29.60 on the news that its sales in the third quarter were short of what had been anticipated. Growth of its music publishing division and in its French mobile unit was weak, as well.

Banks did well on the day. UBS added 1.1 percent to SFr76.55, while Credit Suisse gained 2 percent to SFr80.35. WestLB raised its target price on both banks, with UBS up from SFr82 to SFr86 and Credit Suisse up from SFr77 to SFr83. Deutsche Postbank was 4.6 percent higher to €61.90 on a third-quarter report that showed net profit up 16.7 percent, with interest income up almost 14 percent.

In the oil sector, Repsol was 2.6 percent higher to €27.76. JP Morgan reiterated its “underweight” rating on the Spanish company but raised its target share price from €21.50 to €23.50.

In Europe on Friday, the FTSE Eurofirst 300 added 0.3 percent, but over the week the index was slightly lower to 1,447.9. The weekly decline came on a mixed banking sector.

Commerzbank added 4.3 percent on Friday to €29.01 and added 3.8 percent on the week after issuing a third quarter report showed net profits that were higher than had been expected. Credit Suisse was higher on the week as well, adding 1.4 percent to SFr77.50 on third quarter figures that were generally good despite a decline in revenue from equities trading.

On the other hand, Deutsche Bank dropped 1.5 percent during the week to €97.09. Even though it also said equities trading had been down, earnings met expectations overall. UBS reported net profits down more than had been anticipated, again on declines in equities trading. The Swiss bank was 5.3 percent lower on the week to SFr74.70.

Spanish construction group Ferrovial added 9.1 percent to €74.05 after it reported underlying profit up 86 percent in the first nine months of the year, at least partly on its purchase of British airports operator BAA earlier in the year. Still in Spain, property group Metrovacesa was 8 percent higher this week to €121 on a tripling of its profit in the first nine months of the year.

Equities markets in Europe were lower on Thursday on concerns about the state of the US economy and as the European Central Bank held interest rates level but issued comments strongly indicating that rates would be raised at its December meeting.

The FTSE Eurofirst 300 closed down 0.4 percent to 1,443.94, while both the Xetra Dax in Germany and the Paris index dropped 1.1 percent, to 6,223.33 and 5,310.07 respectively.

Most banks saw declines. Credit Suisse was an exception, adding 2.3 percent to SFr76.65 on a quarterly report that beat expectations. Elsewhere, UBS fell 1.1 percent to SFr74.10 and Deutsche Bank dropped 1.9 percent to €96.70. The largest bank in Norway, DnB Nor, was 2.9 percent lower to NKr83.70 after it said its pre-tax profits dropped by 1.5 percent.

The oil sector was lower as crude oil prices continue their decline. Cepsa dropped 0.5 percent to €61.85, while Statoil was 1.2 percent lower to NKr165.50

The steel sector also saw losses, with ThyssenKrupp down 1.7 percent to €29.34 and Mittal Steel dropping 3.2 percent to €32.72.

Tire manufacturer Continental was 0.6 percent higher to €87.50 on positive broker comments from Citigroup and Merrill Lynch.

Metrovacesa added 2.9 percent to €120 after it reported that net profits were up by 176 percent in the first nine months of the year. The Spanish property group’s gains were attributed to domestic growth as well as growth in its French unit.

The FTSE Eurofirst 300 added 0.4 percent to 1,449.34 on Wednesday to finally end the session with an advance after four consecutive days of losses.

Banks were mixed on the session. After early losses following the release of its third-quarter report, Deutsche Bank came back to close just 0.1 percent lower to €98.55 after going as low as €97.55 earlier in the day. The report showed that while net profits were about where they had been forecast to be, trading income was significantly lower. Elsewhere in the sector, UBS added 0.9 percent to SFr74.95 after its 5 percent decline on Tuesday.

The telecommunications sector was also mixed. Swedish telecom operator Tele2 added 12.8 percent to SKr85.75 on third-quarter earnings that were higher than had been anticipated and on an announcement that it will withdraw from some European markets and turn its attention from fixed-line operations to broadband. Greek telecom Cosmote also saw gains, adding 2.6 percent to €19.80 on an upgrade from Bear Stearns. On the other hand, Deutsche Telekom dropped 0.2 percent to €13.53 after early gains. Rumors circulated that Russian group Sistema was looking to acquire a stake in DT in trade for control of its telecoms operations.

Continental fell 0.7 percent to €87 on a third quarter report that showed earnings down almost 1 percent before interest and tax. Still, Dresdner Kleinwort reiterated its “buy” recommendation and target share price of €105 on the tire maker.

In Europe on Tuesday, the FTSE Eurofirst 300 dropped 0.6 percent to 1,444.16 as banks saw losses.

UBS dropped 5.1 percent to SFr74.30 after it said it saw net profits drop by 21 percent in the third quarter. It still insisted, however, that sentiment has improved and it will fulfill expectations for full-year profits. Credit Suisse was also lower, falling 1.3 percent to SFr75.

Also down on its quarterly report was Sanofi-Aventis. The pharmaceuticals company dropped 2.8 percent to €66.60 on the news that profits fell 11.6 in the third quarter, about as much as had been expected.

Things were better in the automobile manufacturing sector. DaimlerChrysler added 3.1 percent to €44.70 after a German publication reported that a spin-off of the Chrysler unit was not being ruled out by the carmaker, a rumor that not all analysts were buying. Elsewhere in the sector, Fiat was 1.1 percent higher to €13.84 and Renault gained 1.2 percent to €91.65.

European insurers were also higher after a positive third-quarter report sent Friends Provident up 6.7 percent in the UK. Generali added 1.4 percent to €31.09, while CNP Assurances was up 1.7 percent to €82.45.

In the construction sector, Spanish builder Ferrovial was 5.1 percent higher to €72.40 on the announcement that its toll roads unit had acquired a road in Chile.