DAX down after New York pummelling

Pulverised by Wall Street, Frankfurt fell back in afternoon trading to close with the Xetra DAX index off 58.44 at 7,640.53

Pulverised by Wall Street, Frankfurt fell back in afternoon trading to close with the Xetra DAX index off 58.44 at 7,640.53. The benchmark hit an intra-day record of 7,813.20 earlier in the session.

Deutsche Telekom kept up the flow of positive news - a strategic partnership with Cisco Systems and Compaq Computer of the US - and advanced €2.50 or 2.9 per cent to €90 in the process. Software leader SAP added €2.50 at €856.50.

Siemens, up 9 per cent on Wednesday, ran into profit-taking, slipping €1.11 to €179.49 after hitting €191.80 earlier in the session on an upbeat trading statement.

Paris ended up 47.53 at 6,078.78 on the CAC-40 index as tech stocks stayed in demand.

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Lagardere jumped €6.50 or 7 per cent to €100, Cap Gemini rose €18.20 to €258 and Canal Plus €17 to €265 in combined turnover for the session of €424 million.

Supermarket groups were also strong with a positive trading statement from Carrefour sparking interest in the sector. Carrefour added €5.70 at €139.50 and Casino gained €2.30 to €91.

Amsterdam improved 1.03 to 653.55 on the AEX index in the face of steep falls for a number of benchmark heavyweights.

Philips, up €2.80 at €182.75, and KPN with a gain of €5.40 at €122.40, provided the main supports as the Nasdaq pushed higher in early trade.

Media stocks VNU and Wolters Kluwer were also firm amid sector switching as Elsevier ran foul of bottom-of-the-range results to plunge 9.8 per cent or €1.45 to €13.30.

Zurich's blue-chips ran out of steam, but hi-tech stocks surged, carried along in the wake of the Nasdaq's record-setting run. The SMI index finished 47.9 lower at 7,043.8.

Milan pulled back to close weaker after an early exploratory foray into record-setting territory was inspired by gains in Tecnost and other telecoms stocks.

The Mibtel index turned back from an all-time intra-day high of 33,330, to close 54 easier at 32,593.