Frankfurt DAX: 2531.89 (+9.42) Favourable first half earnings reports drove the German market, higher but early momentum faded by the close of trade as profit taking set in. Post bourse dealings saw a slight recovery, helped by higher DAX futures prices, and the IBIS DAX index ended the afternoon at 2541.41 points.
Paris CAC-40: 1996.74 (-2.60)
Shares closed slightly lower in thin volume due to a weaker franc and despite a stronger dollar and a rise on Wall Street. The franc suffered from a bear raid on doubts France will meet European Monetary Union criteria on time. Prime Minister, Mr Alain Juppe said the government would freeze spending in the 1997 budget, while Finance Minister, Mr Jean Arthuis said public deficits would be 3 per cent of GDP, in line with the EMU criteria.
Milan Mibtel: 9635 (-80)
Italian shares pared earlier losses but still ended nearly 1 per cent down as selling pressure continued on state telecoms holding Stet and energy group Eni.
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