Stockwatch Daily: Euro techs tumble on Fed cuts

NEWS European technology stocks tumbled this morning after the Federal Reserve cut US interest rates by a quarter of a percentage point, lower than the half point cut that had been expected. The FTSE reached a 12-week low falling 79.2 percentage points after 9.00am. IT services group Cap Gemini Ernst & Young led the losers, dropping 3.9 per cent. Nokia fell almost three per cent after announcing plans to axe 1,000 jobs in its networking division. On the Frankfurt Dax index, Siemens dropped over two per cent on rumours that it is to sell its stake in chip maker Infineon.