Markets fall back slightly

Frankfurt DAX: 2566.80 (-4.15)

The Frankfurt market suffered a modest loss, as the DAX index finished at 2,566.80 points, down 0.16 per cent from the Tuesday close. Traders said the decline was due to growing fears of higher US interest rates. The bond market slipped slightly and the average yield on government issues rose by 0.01 points to 5.66 per cent.

Paris CAC-40: 2038.06 (-4.06)

French stocks finished marginally weaker after five days on the rise, with talk of an offer for insurer UAP providing spark in the closing minutes and car manufacturer Renault falling further on gloomy predictions.

Traders reported a late block trade of 250,000 shares in insurer Union des Assurances de Paris and market talk of an offer for the group, with Axa as predator. Axa denied the market rumour.

Milan Mibtel: 9403 (-82)

The Milan stock market was hit by profit taking, driving the Mibtel indicator down by 0.86 per cent on the day to end at 9403 points. Volume was very low.