Frankfurt ended a volatile session with the Xetra Dax index off 0.96 at 4,790.47 after touching 4,869.47 in early trading.
A downbeat trading statement from Adidas, warning of flat sales in the US and Europe, sent the sports shoe group down €5.05 at €79.95. HypoVereinsbank rose €1.15 at €52 after an upgrade from sell to hold by BHF Bank.
Better-than-expected results from Bayer and plans for a 10 per cent share buyback, left the stock up 33 cents at €32.68. BASF ended 17 cents ahead at €31.32 in spite of company warnings of a difficult year to come.
Amsterdam shed 3.25 at 522.27 on the AEX index with retailer Ahold leading the way down with a decline of 2.8 per cent. Ahold's results were disappointing to the extent that they were right on target. News of a $1.75 billion (€1.61 billion) US takeover also unsettled sentiment sparking talk of a share issue to finance the deal. The stock lost 95 cents at €32.55.
Hoogovens dipped to €27.20 before closing all square at €27.60 after an upgrade to neutral at Salomon Smith Barney which lifted its target price for the steel leader to €30.
Wolters Kluwer and Elsevier, which report tomorrow, moved in opposite directions. Kluwer added €1.55 at €176 but Elsevier shed 5 cents at €13.95.
Buhrmann slipped 65 cents to €16.25 on concern for the office goods group's 20 per cent stake in South African paper group, Sappi.
Paris slid throughout the day before picking up strength in the afternoon while upbeat February consumer confidence figures provided little support. The CAC-40 ended 16.17 or 0.4 per cent lower to 4,159.80.
Most of the action came from volatile car part producer Valeo which surged for the second day running, adding €3.10 to €78. Analysts said Valeo may be benefiting from the good 1999 sectoral outlook in the US, where it made an acquisition last year. Speculation about a European acquisition were also said to be circulating.
Thomson-CSF continued its retreat ahead of its 1998 results published tomorrow. The share lost €1.90 or 6.3 per cent to €28.40 while Lagardere, which reports today, rose €1.50 to €35.50.
Milan closed higher with a handful of blue chips pushing the market up and an inflow of funds supporting prices. The Mibtel index put on 319 to 24,644.
Fiat spurted 4.1 per cent to €2.80 after comments from honorary chairman Mr Gianni Agnelli that it was hard to predict the group's future.
Chairman Mr Paolo Fresco also indicated the group had not ruled out bidding for the bus and truck divisions of Sweden's Scania or pursuing an interest in remaining Volvo divisions.
