DAVID HAFFENREFFER, CNN ANCHOR: Well, the European stock markets are off to a depressing start this morning.</s>DEBORAH MARCHINI, CNN ANCHOR: As might have been expected. Let's talk to Adrienne Roberts, of the "Financial Times," live in the "FT"'s London newsroom about what is ailing the markets. And, Adrienne, I'll start first with oil. How much of it is oil?</s>ADRIENNE ROBERTS, "FINANCIAL TIMES": Well, I don't know how much. I think it's mainly -- oil obviously is being pushed up, as you said, by the API figures, but I think the main influence on the blue- chip indices in Europe this morning is the IBM factor once again. If you look at the tech stocks, there are some really heavy losses; Baltimore Technologies in London at one stage was down eight percent; names like Epcos in Frankfurt down six percent; SAP, the software giant, is down about 3 1/2 percent at the moment. And also those very big telecom stocks are down, and of course that drags the general indices lower. By contrast, of course, the old economy, the retailers, the pharmaceuticals, and some of the oil stocks are looking quite good.</s>MARCHINI: Adrienne, media stocks, I gather, have not escaped either, given the pressure on America Online yesterday.</s>ROBERTS: That's right. Well, just generally I think the tech media and telecom sector is down; it's very much a sort of old economy in the lead type story. What we have been seeing, though, in some corners of the financial sector is quite good performances following that news that Allianz is buying Nicholas-Applegate, the U.S. fund manager. This is going to further their expansion plans in the U.S. considerably. They already own three fund managers in the U.S., and investors have taken that news quite well. The shares been trading more than one percent up all morning.</s>HAFFENREFFER: All right, Adrienne Roberts, of the "Financial Times," thank you.
'Financial Times': IBM Depresses European Markets