Frankfurt Dax: 2763.84 (-31.96)

The 20 billion deutschmark issue by Deutsche Telekom failed to ignite the overall German stock market. However, by dominating investor interest it helped depress thin trading. With the public issue oversubscribed at least five times over, investors who missed out on securing the shares they wanted were forced to buy on the market. Despite the enthusiasm, however, Germany's 30 share DAX share index ended 31 points down at 2763.84. In later computerised trade, the IBIS DAX was at 2773.28.

Paris CAC-40: 2228.81 (-11.52)

The Paris Bourse was hit by profit taking after reaching the year's highest level to date on Friday, as the CAC 40 index finished the session at 2228.81 points, down 0.51 per cent from the Friday close.

Milan MIBTEL: 10305 (-23)

Italian shares closed slightly lower after giving up earlier gains in a shortened trading day as domestic bonds drifted off their highs and other major world stock markets gave little clear lead to direction.