Frankfurt DAX: 4,552.46 (-6.16)

German shares fell back in late trade as profit-taking set in and Wall Street's retreat from the highs of earlier this week dampened the market. One of the days leading advancers was BMW, which surged to a record high on the back of Lehman Brothers price target increase.

Paris CAC-40: 3,240 (+4.24)

More records fell in Paris yesterday, with the index scratching up another closing best but ending well off its session peak after the Dow Jones opening suggested the breather brokers have expected may be near.

Milan Mibtel: 19,892 (+115)

Trading slipped back slightly in Milan after setting a new high of 20,094. The soft opening on Wall Street was seen as the main reason for the slippage. Saipem shares rose 5.7 per cent after parent, Eni signed an agreement for a venture with Russia's Gazprom.

Generali's shares rose 4 per cent after it confirmed it had asked Bank of Italy for permission to lift its stake in BCI to 10 per cent.