DAVID HAFFENREFFER, CNN ANCHOR: And to take a look now at the European markets on this nervous Friday is Adrienne Roberts of the "Financial Times". And Adrienne, it must be all about Intel today.</s>ADRIENNE ROBERTS, "FINANCIAL TIMES": That's right, David. There is blood on the floor this morning. And although the whole tech sector is suffering, in fact, telecoms are already suffering after the Sprint profit warnings on Wednesday. And although the whole tech sector is suffering, the chip makers and designers are under particular pressure. It's not quite as bad as it was, but at the worst point this morning you had stocks like Infineon, which is the chip making arm of Siemens, which was down 8 percent. We had ARM Holdings, the chip designer in London, down 9 percent, and we had STMicroelectronics, which is Europe's biggest chip maker -- that's the French company -- and also its rival, Philips in Amsterdam, both of those stocks down 12 percent. The question people are asking now is, what is going to happen to the semiconductor cycle? Most people were saying or were expecting that that cycle wasn't going to peak until 2003. Now what some strategists are saying is maybe we're going to see the peak as early as the end of next year, which, of course, is causing a major reassessment of profit levels among the investors.</s>DEBORAH MARCHINI, CNN ANCHOR: All right, is this being taken at all as a sign of trouble with the European economies?</s>ROBERTS: Well, interestingly enough, we've just had some producer inflation figures out of Germany which were very strong. There was a brief respite in August. But, once again, we are seeing that very strong oil effect coming through. And although the euro is a little bit stronger today, that is also a continued worry. So, yes, I mean, those concerns do continue.</s>MARCHINI: Adrienne Roberts of the "Financial Times," we'll be back to you shortly.
'Financial Times': Sprint, Intel Warnings Leave 'Blood on the Floor' in Europe