DEBORAH MARCHINI, CNN ANCHOR: Stocks in Europe are, similarly, proving fairly resilient in the face of the Dow's fall. Charles Hodson is sitting in this morning. Charles, it's good to see you, and maybe you can explain the courage in the face of adversity for us.</s>CHARLES HODSON, CNN CORRESPONDENT: Well, I don't think there's too much courage being shown at that the moment in terms of the stock markets. Let's start with the impact of that oil price: Despite the fall on Brent Crude, we're still seeing the oil stocks up quite strongly in the first couple of hours of trading. Here in London, we've got both BP and Amoco, they were up by as much as five percent in early trading, and looking at the FTSE at the moment, that is off 36 points. Let's move on to Germany. The big stock -- the big mover in Germany is Deutsche Telekom, that has been down three percent and, incidentally, the Noya (ph) market, the tech heavy market that was set up in the last year or so in Germany, is actually falling quite heavily, more sharply even than Nasdaq; it's down three percent. But the broader market, the Dax is down by about 1 1/4 percent as we speak. The big story is that's going to be coming out the next 24 hours, is what could be the creation of the world's largest bank, through the merger of Deutsche Bank and Dresdner Bank and the participants there. Dresdner Bank is up even further, Deutsche Bank is down slightly and Allianz, which has a major cross-shareholding in both of those companies, both of those banks, I should say, is up again as well. Moving on to Paris: the situation there is that Canal Plus, the media company, is down six percent on news of widening losses. Also down, profits plunge at Aerospatiale-Matra, the defense giant, that is hitting that stock as well. So that's the situation in Europe, back to you in New York.</s>MARCHINI: All right, thanks a lot Charles. We'll check back with you a little later on.
Oil Stocks Rally in European Trading