Frankfurt DAX: 4486.95 (-45.57)

The Frankfurt market ran into profit-taking in the wake of impressive gains the previous few sessions, as the DAX index finished at 4,486.95 points, down 1.01 per cent from the Tuesday close. The consolidation, generally anticipated following records set in the previous three sessions, was triggered by statements by the Russian president, Mr Yeltsin that the United States could cause "a world war" by its threats of military action against Iraq.

Paris CAC-40: 3166.26 (-22.17)

The Paris market was also hit by profit-taking as the CAC-40 index closed at 3,166.26 points, down 0.7 per cent from the Tuesday close. The drop came after seven straight winning sessions, the last four of which took the indicator to record levels.

Milan Mibtel: 19232 (+229)

The Milan market closed well up on the day after a spurt of late activity as traders rushed to cover short positions.