Frankfurt Dax: 4,223.36 (+53.28) German traders described the big Swiss banking merger between Union Bank of Switzerland and Swiss Bank Corporation "as a shot in the arm".
But despite this, trading was dragged down later by a softer than expected Dow opening. A lack of any follow through on local orders further held the market back. On the corporate side banking shares were bouyant, while trading in computer stocks was brisk.
Paris CAC-40: 2,932.47 (+22.38) French stocks rose yesterday, bolstered by the dollar's advance and Wall Street's rise on Friday, but the bourse closed off its best levels after the dollar slipped and the Dow Jones index opened lower.
The financial sector, long buoyed by bid speculation, led the market's advance after the UBSSBC Swiss bank merger heightened speculative interest.
"It's speculation on the restructuring of the bank sector that's leading the market higher," said one dealer.
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