Frankfurt DAX: 4,152.86 (-78.57)

German shares took a severe beating as investors pocketed profits and raised questions over the future of the recent bull run.

Frankfurt's computerised IBIS DAX index plunged over 3 per cent to 4077.59. On a day when most European markets were closed for the Assumption holiday, the nose-dive took most traders by surprise.

It was triggered by opening losses of 1.25 per cent on Wall Street sparked of weakness in the bond market and earnings' woes.

Sliding futures, the weakening dollar and Wall Street's dramatic drop pushed the IBIS index down by 127.89 points to 4067.64 before recovering slightly.

Paris - Market Closed

Milan - Market closed