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5pm Markets Update

European markets closed weaker this evening, with big oil companies falling, while the broader market was also hit by worries over the impact of the troubles in the US sub-prime mortgage market.

But on Wall Street, the Dow Jones moved above 14,000 for the first time after strong results from companies such as Merrill Lynch and Coca-Cola. The Dow Jones was later up 41 points at 13,992, while the Nasdaq was 11 higher at 2,708.

In London, the FTSE fell 39 to 6,659, with miner Lonmin down almost 4% to £37.98. Paris lost 0.4%, while Frankfurt dropped 0.8% after a survey showed a fall in investor confidence.

In Dublin, the ISEQ ended 37 points lower at 9,153, with Bank of Ireland losing five cent to €15 after an AGM statement said it was seeing good growth, but higher interest rates were affecting the volume of business. Other banks were also weaker, with AIB down 18 to €20.27.

Earlier today Tokyo's Nikkei average was down 0.3% at 18,193 as a slightly firmer yen hit exporters such as Toyota.