DEBORAH MARCHINI, CNN ANCHOR: The European markets are looking fairly resilient in the face of that warning from Yahoo!. Christopher Swann of the "Financial Times" now joins me from London with a look at what's going on. Christopher, I'm surprised I'm not seeing any evidence of pressure in the broader indices. What can you tell me?</s>CHRISTOPHER SWANN, "FINANCIAL TIMES": Well, yes, you're right. The reaction has been pretty muted. The only major casualty, really, has been Terra Lycos, the Spanish Internet group. That's down about 4.5 percent. But for these volatile Internet companies, that's not really a major move. The Internet service providers have also held up pretty well. T-Online's down only 1.5 percent, and Kisgali (ph), the Italian company, is actually down less then 1 percent. I think there are two reasons for this resilience. First of all, advertising spending has been slowing much more in the United States. And also, rather ironically, these Internet companies in Europe have been preserved by their very lack of profitability, so people aren't exactly expecting them to make money at the moment.</s>MARCHINI: Would it be a fair statement that Internet companies also make up a smaller chunk of the total market capitalization there compared to the U.S. market?</s>SWANN: I think that is true. They're at a very much earlier stage of development, so European markets as a whole aren't particularly sensitive at the moment to movements in Internet stocks. The more important companies, such as Alcatel, I think, have a much larger impact on the overall market sentiment.</s>MARCHINI: Christopher Swann of the "Financial Times," thank you.
'Financial Times': European Markets Resilient in Face of Yahoo! Warning