Frankfurt Dax: 4,184.91 (-38.45)German shares ended below the 4,200-point level but recouped some of the day's losses as the dollar moved to take a higher place at DM1.79. Dealers say a period of consolidation lies ahead after Monday's gains and they expect shares to trade in a range somewhere between 4,150 and 4,250.

Paris CAC-40: 2,959.40 (+26.93)

French shares rose in lively trading yesterday. They were driven by assorted rumours of more consolidation involving companies in the financial sector, but the still managed to close below the key 2,960 level.

Milan Mibtel: 15,786 (+32)

Italian shares ended slightly firmer after Monday's holiday in the country. The big news was in the banking sector where shares outperformed other stocks on the back of the announced merger between the two large banks UBS and Swiss Bank Corp. Although stocks sold well in general, telecoms shares suffered.