Shares made early trading gains, only to see values slide back almost as far as they had advanced. Dealers began the day expecting to see some bargain hunting, but said the main feeling by the close was one of relief that the market did not lose more ground.

Paris CAC-40: 2530.00 (-51.54)

Shares suffered another sizeable loss yesterday, falling 2 per cent on worries about the possibility of another rise in US interest rates. The CAC-40 index breached a major support level at 2,550, Dealers said trading was highly erratic and highly sensitive to movement on Wall Street. Analysts said investors were showing particular caution ahead of the US employment figures, due tomorrow.

Milan Mibtel: 11646 (+6)

Shares closed virtually unchanged, but well below the day's highs after a morning rebound ran out of steam and Wall Street opened weaker. Olivetti was the main winner, rising on reports that it will soon announce a major joint project with France Telecom.