Market Report - Europe

CAC-40: 3,578.34 (-11.01)

DAX: 4,754.65 (+10.60)

Shares in Paris ended a volatile session with the CAC-40 index down 11.01 at 3,578.34 after trading within a range of 116 points. Turnover was again heavy at 14.4 billion French francs.

Banks stayed active but at the bottom of the performance charts.

Societe Generale fell Ffr54 to Ffr777 on 15.4 billion shares traded for a two-day decline of 19.4 per cent. BNP lost Ffr12.80 at Ffr325 and Paribas Ffr24.80 at Ffr395.20.

Retailer Promodes fell Ffr331 to Ffr3,380 on a disappointing interim results statement.

Oils pushed higher on a firm day for oil prices. Total added Ffr35 at Ffr628 and Elf Aquitaine gained Ffr30 at Ffr650.

STMicroelectronics was the day's best performer, advancing Ffr17 or 5.3 per cent to Ffr336.

Frankfurt ended a roller-coaster day slightly higher, helped by a firmer Wall Street, although concerns about US President Bill Clinton and the weaker dollar kept the mood uncertain. The Xetra DAX index closed with a gain of 10.60 at 4,754.65.

Bank shares continued to underperform, with Dresdner Bank down 1.95 deutschmarks at DM68.50 and Deutsche Bank down DM2.10 at DM100. Deutsche Telekom, by contrast, put on DM3.18 to DM53.98.

Engineering group Man ended up DM11 at DM515, benefiting from an upgrade from BFG Bank.

Amsterdam ended lower with another mauling for financials offsetting strong gains for Royal Dutch and Heineken. The AEX index ended off 10.89 at 1,010.42. Moscow edged back, even as the state duma confirmed Mr Yevgeny Primakov as Russia's prime minister.