Strong gains after US election results

Frankfurt DAX: 2729.19 (+37.9)

Frankfurt DAX: 2729.19 (+37.9)

German shares chalked up strong gains yesterday as the victory of the Republicans in the US House and Senate lifted hopes that a lid would be kept on US government spending.

Post bourse DAX gains would have been stronger had it not been for heavy losses by Siemens, after it said it did not expect improved results for the 1996/97 financial year.

Paris CAC-40: 2213.37 (+26.05)

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Shares leapt to this year's high on the back of President Bill Clinton's return to the White House. The shares closed up more than 1 per cent in heavy trading. The market's welcome for the US presidential result sparked a buying spree in Paris, with turnover estimated at 7.3 billion francs.

Milan Mibtel: 10035 (+140)

Italian shares closed higher, boosted by firmer results from the Fiat group together with comments by the Treasury Minister which confirmed Italy would be in shape to join a single European currency.