Milan takes a tumble

Frankfurt DAX: 4,104.27 (+23.49)

German shares closed ahead making modest gains but the mood was subdued for most of the day. Most of the gains came from a mark-up to reflect Friday's advance in post-bourse computer trading.

In later trading yesterday, the IBIS DAX index ended at 4116.52, down 18.57 points, or 0.45 per cent.

Paris CAC: 2,988.96 (+3.33)

Shares got a late dollar assistance to end fractionally ahead but still below 3,000 in thin trade, having languished at lower levels for most of a thin session.

But the dollar's shift was narrow and with the US FOMC meeting and September options expiring yesterday, many operators were trimming at the margins, brokers said.

Milan MIB: 15,815 (-244)

In Milan, share prices tumbled by nearly 2 per cent as investors decided to take profits after shares reached record highs last week. The selling was triggered by comments from hard-left Communist Refoundation party leader Mr Fausto Bertinotti that he will not support the government's 1998 budget.