June 22 (Bloomberg) -- European stock indexes held near three-year highs. Carmakers such as DaimlerChrysler AG declined after Ford Motor Co. cut its 2005 earnings forecast for the second time since April.

Energy producers including BP Plc and Total SA fell after crude-oil futures slipped yesterday in New York for the first day in five. Nokia Oyj gained after analysts at UBS AG advised clients to buy the shares.

The Dow Jones Stoxx 600 Index lost less than 0.1 percent to 277.04 as of 8:52 a.m. in London, after yesterday reaching its highest close since May 31, 2002. The Stoxx 50 and Euro Stoxx 50, a gauge for the 12 countries using the euro, were also little changed, both gaining 0.03 percent. Nine of the Stoxx 600's 18 industry groups fell, with commodities producers pacing the drop.

``There is going to be pressure on global earnings'' from energy costs, said Andrew Bell, a European equity strategist at Carr Sheppards Crosthwaite in London, which oversees the equivalent of $11.9 billion. ``The outlook in the next quarter or so is pretty lacklustre.''

National indexes decreased in six of the 14 major Western European markets that were open. France's CAC Index rose 0.1 percent. Germany's DAX Index and the U.K.'s FTSE 100 Index were both little changed.

Ford, the second-biggest U.S. automaker, said profit this year will be $1 to $1.25 a share, excluding some costs, compared with a previous forecast of $1.25 to $1.50. The company said it will trim 5 percent of salaried jobs in North America because of weak sales in the region.

DaimlerChrysler, the world's fifth-largest automaker, fell 1.2 percent to 33.86 euros. Volkswagen AG, Europe's largest carmaker, fell 0.2 percent to 37.69 euros.

BP, Nokia

Crude-oil futures dropped 0.8 percent yesterday to $58.90 a barrel on the New York Mercantile Exchange, and lately traded at $59.01. A report today may show U.S. stockpiles of diesel and heating oil probably rose 1.8 million barrels last week, according to a Bloomberg News survey.

BP, Europe's biggest oil company, lost 0.6 percent to 583 pence. Total, the region's largest oil refiner, fell 0.7 percent to 192.8 euros.

Nokia, the world's biggest maker of mobile phones, added 1.1 percent to 14.38 euros. UBS analysts raised the share to ``buy'' from ``neutral,'' citing reduced business risk and prospects for share buybacks. The brokerage boosted its 12-month share-price forecast 21 percent to 17 euros.

Bouygues, Misys

Separately, analysts at Deutsche Bank AG cut their recommendation on Nokia to ``hold'' from ``buy,'' saying the stock's 22 percent gain this year has outpaced the outlook for earnings growth.

Bouygues SA, the world's third-biggest construction company, advanced 1 percent to 33.3 euros. The company, which also operates France's No. 3 mobile-phone network, said first-quarter profit rose 41 percent as more customers used phone services such as Internet access.

Misys Plc, a provider of software to the world's largest financial institutions, jumped 3.2 percent to 229 pence. The company said its business is performing ``towards the upper end of market expectations'' as demand for banking and insurance programs increased.

-- With reporting by Nigel Stevenson and Guy Collins in London. Editor: Elder.

To contact the reporter on this story: Kotaro Miyata in London at kmiyata2@bloomberg.net.

Last Updated: June 22, 2005 03:54 EDT