Milan bucks downwards tendency

 

Frankfurt Dax: 3730.27 (-11.21)

German shares lost some ground after the Dow opened lower. The market was unable to generate any upward impetus in the absence of any inspirational corporate news. It did, however, fall short the substantial correction sought by those who believe that the market had become overpriced.

After-hours trading saw the IBIS Dax close on 3710.54.

Paris CAC-40: 2751.74 (-10.86)

French shares closed weaker after a day of light trading amid investor caution ahead of Prime Minister Jospin's debut parliamentary speech today.

Analysts said it was not clear whether Mr Jospin would elaborate significantly on economic policy and privatisations ahead of an audit of state finances.

Milan MIBTEL: 12930 (+213)

Italian share prices surged ahead, in the wake of soaring bond futures.

Belief that European convergence is back on track and that there would be a narrowing of the spread against German bonds was behind the Italian exchange's optimism.