Issing views drag down the markets

Frankfurt DAX: 269.53 (-19.45)

Frankfurt DAX: 269.53 (-19.45)

German shares slipped in electronic after hours trading after Bundesbank chief economist, Mr Otmar Issing, said he saw no reason to expect lower interest rates, putting pressure on German bonds. The IBIS DAX, which reflects after hours trading was at 2681, a sharp fall from the official close.

Paris CAC-40: 2148.86 (-26.75)

French shares ended down more than 1 per cent, taking their lead from a lower Wall Street to consolidate last week's substantial gains, traders said. The market, which traded in negative ground all day, earlier tumbled after bond markets took fright on the comments from Mr Issing.

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Milan Mibtel: 9890 (-126)

Italian shares ended a largely colourless session weaker biding their time ahead of a government confidence vote on the Banco di Napoli restructuring plan. Telecommunications groups tumbled sharply after Telecom Italia fell foul of anti-trust authority with its plans for advanced cordless phones.