May 17 (Bloomberg) -- European chemical and automotive shares fell, paced by Clariant AG and Valeo SA, as crude oil rebounded from yesterday's three-month low. Stock benchmarks were little changed.

``We are in an environment of weak economic growth, rising interest rates and high oil prices, said Juan Maria Soler of Bansabadell Inversion SA in Barcelona, Spain, which manages $3 billion. ``Several things are preventing any advances in European stocks.''

Financial stocks rose, paced by asset managers including Amvescap Plc after Schroders Plc reported higher-than-expected profit. BP Plc led gains by oil producers.

The Dow Jones Stoxx 600 Index slipped 0.1 percent to 258.90 at 12:30 p.m. in London. The Stoxx 50 added less than 0.1 percent. The Euro Stoxx 50, a gauge for the 12 countries using the euro, lost 0.3 percent, with nearly four stocks falling for each that rose.

Yell Group Plc advanced as the phone-directory owner said it expects ``double-digit'' earnings growth and announced it will buy Transwestern Holdings LP for $1.6 billion.

Benchmarks rose in 13 of the 17 Western European markets that were open. Luxembourg's LuxX Index was the biggest gainer, adding 0.9 percent, buoyed by Arcelor SA. Germany's DAX Index fell the most, losing 0.5 percent.

Norway's market is closed today for a holiday. Markets including Switzerland, Norway, Iceland, Denmark, Austria and Luxembourg were closed yesterday for holidays.

Clariant, Valeo, BP

Crude-oil futures added as much as 39 cents to $49 a barrel in New York after-hours trading, amid concern increased supplies won't ease shortages of their products during the second half of the year. The contract was recently 6 cents lower at $48.55, which is still above its price when Europe's stock markets closed yesterday.

Clariant, the world's second-largest specialty chemical maker, fell 1.4 percent to 17.15 Swiss francs. Air Liquide SA, the biggest maker of industrial gases, slid 2.3 percent to 137.80 euros in Paris.

Valeo, Europe's third-largest maker of car parts, lost 0.9 percent to 32.39 euros. Volkswagen AG, the region's largest carmaker, declined 0.8 percent to 33.92 euros.

BP, the world's second-largest publicly-traded oil company, rose 0.5 percent to 530.5 pence. Eni SpA, Italy's largest oil producer, gained 0.3 percent to 19.39 euros. Shell Transport & Trading Plc, the owner of 40 percent of Royal Dutch/Shell Group, Europe's second-largest oil company, added 0.5 percent to 464.5 pence.

Schroders, Amvescap

Schroders, a 201-year-old London-based money manager, climbed 5.7 percent to 728 pence. Its first-quarter earnings before tax rose 50 percent as individuals increased investments and institutional clients withdrew the least since 1998.

``In general, we are very positive on financial stocks,'' said Philipp Musil, a fund manager at Constantia Privatbank AG in Vienna, which oversees $12 billion. ``They're benefiting from a combination of good earnings and takeover speculation.'' He said he's ``focusing on small- and mid-cap'' financial stocks.

Amvescap, Europe's largest publicly traded money manager, advanced 4.6 percent to 319 pence.

ING Groep NV, the No. 1 Dutch financial-services provider, increased 0.5 percent to 21.93 euros. Analysts at UBS AG upgraded the stock to ``buy'' from ``neutral'', citing ``decent'' business in Asia. ING said May 12 that its Asian insurance business helped boost quarterly earnings.

Allied Irish, Yell

Allied Irish Banks Plc rose 2.8 percent to 16.56 pence. Ireland's No. 2 bank by assets doesn't plan to sell itself to M&T Bank Corp. of the U.S.. Chief Executive Michael Buckley proposed selling the lender to M&T Bank last year, the Irish Times said, without citing anyone.

Trevor McEvoy, a spokesman for the bank, told Bloomberg News that the possible sale was discussed as part of an overall strategic review. There was no formal proposal put to the board, he said.

Yell Group, the owner of Britain's Yellow Pages phone directory, climbed 4.5 percent to 415.75 pence after saying it expects ``double-digit'' earnings per share growth this year. The company said it will buy Transwestern Holdings for $1.6 billion.

Carrefour SA rose 1.8 percent to 39.31 euros, leading gains in the Stoxx 50. Philippe Suchet, an analyst at Exane BNP Paribas, upgraded Europe's largest retailer to ``outperform'' from ``neutral''.

Roche Holding AG added 0.8 percent to 146.7 Swiss francs. The drugmaker said on May 13 after markets had closed that it won U.S. regulatory clearance to market its Pegasys medicine for chronic hepatitis B, adding a third approved use for the drug.

Benchmarks were constrained by companies whose shares are trading today without the right to dividend payments, including Accor SA and Schneider Electric SA.

Accor, Atlas

Accor dropped 2 percent to 35.39 euros. Shares of the world's fourth-largest hotelier changed hands without the right to a 25-cent a piece payment.

Schneider Electric, the biggest maker of circuit breakers slipped 2.9 percent to 55.95 euros as the stock trades without the right to a 1.8 euro per share payout.

Atlas Copco AB fell 5.5 percent to 105.5 Swedish kronor, leading declining stocks on the Stoxx 600. Shares of the world's biggest maker of air compressors trade for the first time after a three-for-one stock split and the automatic redemption of one share, resulting from the split, worth 20 kronor.

To contact the reporter on this story: Margo Towie in Brussels at mtowie@bloomberg.net.

Last Updated: May 17, 2005 08:03 EDT