Dealers on the bond market showed disappointment with figures for growth of the M3 money supply and this dragged down share prices. The DAX index ranged between 2547.91 and 2557.13 to close at a loss of 0.54 per cent. Lufthansa suffered the biggest fall, shedding more than 4 per cent or 10.50 deutschmarks to DM237.20 in response to its results on Tuesday.

Paris CAC-40: 2103.49 (-26.22)

Share prices slumped by 1.23 per cent in heavy trading amounting to nearly 7.5 billion francs because the bond market had fallen and because of heavy selling of financial stocks before the end of the May stock market accounting period. Prices were weak initially and fell further in response to publication of the German M3 figures.

Milan Mibtel: 10620 (-50)

Milan shares ended lower as slightly disappointing May inflation figures and a weaker opening in Wall Street dampened sentiment.