EUROPEFrankfurt Dax: 5360.65 (-28.29)German shares ended lower with engineering and electronics group Siemens leading the fall after it revised its earnings expectations lower. Siemens closed 4.6 per cent lower after the group indicated that profits would be below its own forecasts.

Paris CAC-40: 3835.07 (-25.33)

The Paris market was hit by a sharp drop of the French bond market and the Bourse's CAC 40 index gave up 0.66 per cent on the day to end at 3835.07 points. The bond market's drop came in spite of remarks by Bundesbank vicepresident Mr Johann Wilhelm Gaddum, who ruled out any near-term increase of German interest rates. The dollar stabilised but remained weak, trading at six francs, not a level to reassure the market. The greenback's level is important to exporters listed on the Bourse.

Milan MIBTEL: 25163 (-138)Italian shares fell and closed just above the day's lows as weaker European and American markets triggered a wave of profit-taking.