Dax: 2567.47 (-1.41)z German shares ended floor trade in Frankfurt yesterday practically unchanged, having taken Bundesbank announcements on unchanged interest rates and new short term bond market issues in their stride. The market was held off making any significant gains by a lower dollar, weaker Bunds and a general absence of positive sentiment. It showed little reaction to a Bundesbank announcement that it is to start issuing securities in the form of treasury discount paper, which mature in less than one year.

CAC-40: 2126.20 (-11.9) French shares closed slightly weaker yesterday, under the influence of lower bonds and an easier opening on Wall Street, following publication of the May retail sales data.

Mibtel: 10470 (-38) Italian shares closed easier but were off their day's lows and little changed on opening levels after seesawing gently in line with other markets. Dealers described trading as desultory with no fresh initiatives being taken.