DAVID HAFFENREFFER, CNN ANCHOR: Technology stocks are leading a retreat in many European markets this morning.</s>DEBORAH MARCHINI, CNN ANCHOR: Todd Benjamin has that as part of our live London update -- Todd.</s>TODD BENJAMIN, CNN CORRESPONDENT: Techs are under some pressure following that near 4-percent fall in the Nasdaq yesterday, but, overall, these markets are doing fairly well; a little cautious, though, ahead of the Fed meeting. When I say fairly well, they're only off by, at most, 1 1/2 percent in Germany, and that's after a 2 percent rise yesterday. So the markets not doing too badly. London's off 1 percent, the Dax, as I mentioned, is off about 1 1/2 percent, Paris is off 1 percent. Zurich, though, is bucking the trend. It's up 1/2 percent, but it's not technology heavy. Of course, it's heavy financials and pharmaceuticals. Oil is basically unchanged at $25.20 a barrel after falling sharply yesterday. And in terms of the currency market, not much movement there. The dollar is slightly higher against the Japanese currency. The euro is about 1/3 cent weaker against the dollar despite positive consumer confidence -- or rather business confidence survey out of Germany this morning. And the pound is basically unchanged against the greenback after being hammered in recent days. One other thing I want to mention here to you is that seven leading banks and energy companies are getting together to form an online venture that will basically trade various petroleum and precious metals products. And it also intends to develop additional markets for natural gas, electrical power and a variety of base metals in due course. And among the players there, you have BP Amoco, Royal Dutch Shell, Total Fina, Goldman Sachs, SocGen, Morgan Stanley Dean Witter and Deutsche Bank. So online continues to spread. Back to you in New York.</s>HAFFENREFFER: The changing landscape. Thank you, Todd. Search CNN.com CNNSI.com CNNmoney.com The Web
Technology Stocks Lead Retreat in Many European Markets