Europe’s markets were up and down on Thursday, lifted by the promise of interest rate cuts but held back by page after page of glum financial figures. In the end there was little lost and little gained as the good news negated the bad. London fell 0.15 percent, Paris by around the same and Frankfurt slipped 0.07 percent. Philips Electronics and the TNT postal group were among those who had to lower earnings forecasts. The finance sector was boosted though by the rate cuts, which pushed up ING financial services group and British bank HBOS.

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