DAVID HAFFENREFFER, CNN ANCHOR: Overseas investors are once again shifting money into growth and so-called "new economy" stocks and out of more interest-rate-sensitive sectors. Our Todd Benjamin has our London update this morning. Good morning, Todd.</s>TODD BENJAMIN, CNN CORRESPONDENT: Good morning, Dave. You know, it's interesting, this whole process, shifting the new economy from the old economy. Let's just take a couple of sectors here, telecoms, for instance; they're up three percent today, but they're up to 20 percent this year. Technology is up two percent today, but 22 percent this year. And media is up one percent today in Europe, but up 40 percent this year. And contrast that with things like base materials, which, actually, down today and down more than 20 percent for the year; retail, it's up today, but for the year, it's down 17 percent; and, you know, banks -- banks are off 11 percent so far this year. So there is a clear divergence going on in Europe as there is in the U.S. In terms of the overall markets, London is up one percent; the Dax is up one percent; you've got Paris up almost 1 1/2 percent; and Zurich is off a quarter percent. But then again, you know, Zurich is heavily weighted with financials and pharmaceuticals, and those are clearly out of favor. In the currency market, the dollar is a quarter-yen weaker against the Japanese currency, the euro is a third-cent weaker against the greenback, and the pound is a third-cent lower against the dollar. And oil -- oil is down just slightly: Brent crude trading nine cents lower at $27.28 a barrel here in London. Back to you.</s>HAFFENREFFER: All right. Thank you, Todd, for that update.
European Investors Continue Shift into 'New Economy' Stocks