DEBORAH MARCHINI, CNN ANCHOR: Well, losses in Europe so far moderate this year, and some markets like France and Switzerland are actually up for the year.</s>DAVID HAFFENREFFER, CNN ANCHOR: Hey, not so bad. What are the winning and losing sectors in Europe? Janet Guyon has more for us now from London. Janet, what did you find?</s>JANET GUYON, LONDON BUREAU CHIEF, "FORTUNE": Well, I talked with some of the equity strategists this morning at Goldman and Merrill Lynch, and it is not a big surprise, given how beaten up the tech market and telecom markets are, but they are looking at the defensive stocks, the oil stocks, the pharmaceuticals, consumer goods such as Unilever, Heineken. Those are the sectors that are seeming to, you know, hold their own, pretty steady. It looks like the place, if you really want -- if you want to be in the equity markets, keep your money safe, those are the stocks to look at. Now they also talked about the financials, banks, insurance companies. The insurance companies look like a fairly safe bet. But some of the banks, especially the wholesale banks, the Deutsche Banks of the world, who have investment banking operations where they are dependent on trading income or IPO income, some of the analysts here say stay away from those because the markets are going to be rocky for the foreseeable future.</s>MARCHINI: Here in the U.S., Janet, the tech stocks have been the hardest hit, is the same true in Europe?</s>GUYON: Yes, very much so, Deborah. I mean the techs -- today we are seeing it again, Nokia off, Alcatel off, Ericsson up a bit. We're seeing really kind of a bloodbath, you know, continually. Both the tech, the telecom sectors and the wireless sectors, you know, all of those doubts about being able to continue to finance overhanging that sector.</s>MARCHINI: All right, Janet Guyon, "Fortune" magazine, thank you.
'Fortune': Winning and Losing Sectors in Europe