The market also slid on Cisco's warning that the worst may soon be over for the weakened technology sector.
European markets finished lower after Germany's Bayer said it was pulling anti-cholesterol drug Baycol/Lipobay because of reported side effects. Bayer will miss earnings targets for 2001. In London, the Financial Times-Stock Exchange 100 index ended down 60.30 points, or 1.09%, to 5,476.50 after the Bank of England lowered its 2001 growth forecast, but said inflation would slow. In Germany, the DAX Index ended down 138.00 points, or 2.40%, to 5,614.51, on Cisco's warning that the tech slowdown could last for several months. In France, the CAC 40 finished off 65.39 points, or 1.29%, to 4,986.23.
Asia markets ended lower. After a strong showing in the previous session, the Nikkei 225 index stumbled again, ending down 155.79 points, or 1.26%, to 12,163.67. In Hong Kong, the Hang Seng stock index lost 49.18 points, or 0.41%, to 11,958.01.