DEBORAH MARCHINI, CNN ANCHOR: Well, European markets have turned thumbs down on the Federal Reserve's half-point interest-rate cut. More details now from Christopher Swann of the "Financial Times." So, Christopher, they're selling stock.</s>CHRISTOPHER SWANN, "FINANCIAL TIMES": Yes, that's right. There's a real sense of anticlimax here at the Fed's move. I think it's becoming increasingly clear that everyone was looking for 75 basis points after all. And the major indices are turning down. The CAC's down around 2 percent. The FTSE is rather interesting this morning. That's now officially in bear market territory. It's fallen 20 percent from its peak. Deborah, the markets are being led down by the technology stocks. Ericsson and Nokia are both down around 6 percent. The biggest loser is a media company that's RTL, and that's Europe's largest commercial television station. That's down 27 percent, after it said that ad revenues in Germany were going to be a little on the disappointing side. And the one bright spot in the market is Billiton, the U.K. mining company. That's up 3 percent after reports that Alcan, the world's largest aluminum company, is going to put in a bid for it.</s>MARCHINI: The dollar is strengthening rather dramatically, not only against the Japanese yen, as we heard earlier, but quite considerably against the euro and the British pound. Why?</s>SWANN: Well, it's a bit paradoxical. There was an initial sense of disappointment over the Fed. Many had hoped, as I said before, that they were going to do more to stimulate the U.S. economy. I think at least against the euro, the main blow has been the Ifo index of German industrial confidence. That was at a one-and-a-half year low, well below expectations. And I think it shakes some of the complacency that Europe is going to remain immune from the U.S. slowdown.</s>MARCHINI: All right, Christopher Swann of the "Financial Times," thank you.
'Financial Times': Europe's Major Indices Turning Down in Wake of Fed Rate Cut