Frankfurt DAX: 4315.37 (+65.68)

Germany's DAX index started 1998 with a surge of more than 3.3 per cent to its highest levels since August 12th as a stronger dollar sparked gains exaggerated by thin trading volumes, dealers said.

Paris CAC-40: 3040.14 (+41.23)

Shares continued their dollarbacked bounce as the New Year started with the index ending at its best since early October. But volume was very thin and doubts lingered over January. The CAC-40 easily cleared the 3,000 psychological hurdle which had proved a tough barrier to the end of 1997.

Milan Mibtel: 17206 (+400)

Italian shares greeted the New Year with brio, climbing through successive record highs during the first session of 1998 to close just below the day's peaks but still at all-time closing highs.