European stocks traded mixed after higher-than-expected earnings from mobile phone giant Nokia today but the dollar weakened on perceptions its six-year bull run may be ending.
The Nokia results sparked a bounce in technology stocks, but the broader market was weak with most major indices in negative territory.
But Nokia itself advanced about 5 per cent following the release of second-quarter earnings.
"As usual Nokia has done the business in terms of margins. Guidance, however, from the company is a big issue. It's odd they can give guidance on next year when they didn't give it for Q4," said fund manager Mr Simon Kirton at Aberdeen Asset Management.
A further decline in the dollar was the focus of trading on the foreign exchange markets.
The dollar fell about half a per cent to its lowest level for two months against the euro, for three weeks against the yen and for 11 weeks against the Swiss franc.
The dollar had started to fall after Mr Bush was quoted by a newspaper yesterdayas saying the strong dollar, while a boon to foreign investment, threatened US exports.
It was also hurt after Fed Chairman Mr Alan Greenspan said in his semi-annual testimony to the US Congress that theeconomy faced a number of hurdles that could imperil a much-anticipated rebound, forcing the Fed to cut interest rates further.