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STOCKS NEWS EUROPE-Weak house prices hit Rightmove, builders

Reuters - Monday, August 18

STOCKS NEWS Reuters Results diary

Stocks on the move [HOT-RTRS] Real-time Equity News [E] [WEU/EQUITY]

07:49GMT 18Aug2008-Weak house prices hit Rightmove, housebuilders

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Shares in property Web site Rightmove <RMV.L> and housebuilders are hit after a survey by Rightmove shows British house prices fall 4.8 percent year-on-year in August, the fastest fall since the series began six years ago.

"Building land value drops 20 percent also weighs on the builders," a trader says.

According to estate agent Savills, residential building land, one of the core assets of most housebuilders, plummeted in value by 20 percent in the first six months of the year and could fall by up to 50 percent before the current slump is over, the Daily Telegraph says.

Rightmove slumps 7.8 percent, while Barratt Developments <BDEV.L> loses 4 percent, Taylor Wimpey <TW.L> falls 2.5 percent, Persimmon <PSN.L> drops 3.1 percent and Bovis Homes <BVS.L> slips 1.6 percent.

Reuters Messaging rm://dominic.lau.reuters.com@reuters.net

07:39GMT 18Aug2008-Airline stocks dip as oil rises

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Shares in European airlines fall, with Air France-KLM <AIRF.PA> down 1.7 percent, Lufthansa <LHAG.DE> down 1.4 percent, British Airways <BAY.L> down 3.1 percent and Ryanair <RYA.I> down 2.5 percent, as crude oil prices <CLc1> regain ground, trading near $115 a barrel as investors focus on Tropical storm Fay in the Gulf of Mexico.

"Airlines strongly rallied when oil dropped over the past weeks. But it's still a bumpy road and people are quick to take profits as oil moves up again," one trader says.

Reuters Messaging rm://blaise.robinson.reuters.com@reuters.net

07:31GMT 18Aug2008-Stocks fall early; banks and drugs weigh

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European shares get off to a weak start, with investors selling heavyweight banks and defensive drug stocks and returning to a recently battered mining sector as the dollar slips.

The FTSEurofirst 300 <.FTEU3> index of top European shares is down 0.4 percent at 1,185.97 points. The index has eked out a small gain this month and is on course for only the second month of gains so far this year.

Banks are broadly lower, with UBS <UBSN.VX> off 0.5 percent, Societe Generale <SOGN.PA> down 0.9 percent and Credit Suisse <CSGN.VX> off 1.3 percent.

The dollar falls after hitting a six-month high against the euro <EUR=>, while gold <XAU=> jumps more than $10, copper futures <MCU3=LX> gain 1.5 percent and oil <CLc1> rises $1.3 a barrel to above $115.

For more double click on [.EU]

Reuters Messaging rm://sitaraman.shankar.reuters.com@reuters.net

06:05GMT 18Aug2008-Stock index futures point to lower open

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European equities are set to open slightly lower as investors turn cautious following a dip in the U.S. dollar versus the euro and with oil prices rising.

Futures for the DJ Euro Stoxx <STXEc1>, for Germany's DAX <FDXc1> and for France's CAC <FCEc1> are down between 0.1 percent and 0.2 percent.

The dollar hit a six-month high against the euro then slipped after a rebound in oil prices to near $115 a barrel on supply concerns as the market's focus turned to Tropical storm Fay in the Gulf of Mexico.

MAJOR EUROPEAN COMPANY UPDATES:

BHP Billiton Prelim Final <BLT.L>

Michael Page Int'l H1 <MPI.L>

MAJOR U.S. COMPANY UPDATES:

Lowe's Co. Q2 <LOW.N>

MAJOR MACROECONOMIC INDICATORS:

no major macro data expected

AMONG STOCKS GOING EX-DIVIDEND:

STMicroelectronics <STM.PA>

Reuters Messaging rm://blaise.robinson.reuters.com@reuters.net

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