Stockwatch Daily: Europe weak on Nasdaq losses

NEWS European bourses opened weakly this morning with both the FTSE100 and the FTSE TechMark dipping into negative territory. On Friday Nasdaq closed off 1.16 per cent leading the way for Europe upon opening today. In Germany, the Frankfurt DAX 30 was in the red by 0.9 per cent while the Paris CAC 40 lost 0.27 per cent. Today Tesco.com has announced it is taking its successful e-tail model to the US through Safeway's online grocery service, GroceryWorks. The news has helped nudge Tesco into positive territory this morning with a climb of 0.19 per cent. GroceryWorks will use Tesco.com's model of fulfilling orders from stores rather than warehouses. Tesco.com will be ploughing £15.7m into Safeway's GroceryWorks venture as part of the deal.
Tesco.com has already seen considerable success in the UK where it is profitable and receives 70,000 orders per week.