DEBORAH MARCHINI, CNN ANCHOR: Well, of course, financial markets in the U.S. are still reeling from a better-than-4-percent loss on the Nasdaq yesterday. We're going to see how it's affecting markets in Europe. Christopher Swann of the "Financial Times" joins me now with a look at the European markets. And how are the techs holding up over there, Christopher?</s>CHRISTOPHER SWANN, "FINANCIAL TIMES": Well, not very well. European stocks this morning are contending with two multiyear lows in their financial markets. First of all, as you mentioned, that two-year low in the Nasdaq but also a 15-year low in the Nikkei. So far, European stocks are failing to buck that trend. The CAC is down about 1.2 percent, and the DAX down about 9.6 percent. Techs, of course, taking the lead again. They had been pushing slightly higher earlier in the week on hopes of an early interest rate cut by the Fed. But as those hopes have faded, techs are starting to fall again.</s>MARCHINI: Same story here.</s>SWANN: Telecom really the main weight.</s>MARCHINI: And I was about to say, what has the telecom sector performance?</s>SWANN: Well, this is a particularly poor sector this morning. France Telecom's been the main weight. It's being forced to repurchase 11.6 billion euros of its own shares from Vodafone. And that's an obligational hangover from its purchase of Orange. In the long run, this is obviously a good thing. It removes a cloud over the share price, and also for Vodafone, too, enables them to pay for that 10 percent stake in Japan Telecom. In the short term, it's been regarded in a rather negative light. And France Telecom's down about 3 percent.</s>MARCHINI: All right, Christopher Swann of the "Financial Times," thanks for joining us.
'Financial Times': European Stocks Contending With Two Multiyear Lows in Financial Markets