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Markets in Europe were off sharply at 5.30 AM New York time.

The FTSE is down 1.3% to 6,353. Barclays is off 2.8% to 767. BP is off .7% to 541. BT is down .6% to 304.75. GlaxoSmithKline is off .8% to 1443. Prudential is down 1.3% to 695. Reuters is up 1.3% to 431.5. Unilever is down .9% to 1379. Vodafone is down .8% to 146.

The DAXX is off 1.3% to 6,934. Bayer is 1.2% to 44.52. DaimlerChrysler is down 1.3% to 52.98. DeutscheBank is down 1.4% to 103.97. Deutsche Telekom is down 1% to 13.89. SAP is down .2% to 34.98. Siemens is off 1.3% to 82.99.

The CAC 40 is down 1.5% to 5,678. Alcatel-Lucent is off .2% to 9.91. AXA is off 2.3% to 33.63. France Telecom is down 1.5% to 21.01. ST Micro is down 2% to 14.89. Vivendi is down 1.5% to 30.2.

Data from Reuters

Douglas A. McIntyre