Mixed signals from the US economy led to profit-taking yesterday, but there was no doubting the broad strength of equities in a week dominated by further central bank cuts for interest rates.

An unexpected spurt for crude prices sent oil stocks smartly ahead, although the rally showed signs of weakening in late trading. News that Russia looked like siding with OPEC in its attempt to support international oil prices with production cuts sent Brent Blend back up above $21 a barrel after spending most of the past week at less than $20.

After weathering a third-quarter results season that showed earnings to be visibly scarred by weak crude prices, this was unexpectedly good news for the oil sector. Royal Dutch gained 1.6 per cent to €57.90 and Eni, which issues third-quarter figures on Wednesday, added 1 per cent at €13.96. TotalFinaElf hardened 0.1 per cent to €155.10 after a session best of €167.20.

Bank shares fell after weak earnings from Commerzbank swung the spotlight on to the sector's increasingly cheerless trading environment. Slowing economies imply weaker loan margins and growth, plus rising bad debts.

The big capital market-orientated banks ran into profit-taking after their recent strong run. Deutsche Bank fell 2.3 per cent to €70.14 and ABN Amro, which makes a third-quarter statement on Monday, lost 3.7 per cent at €18. SociΘtΘ GΘnΘrale came off 1.3 per cent at €59.70. UBS fell 1.9 per cent to SFr82.45.

Commerzbank, which wheeled out a third-quarter loss in excess of market targets, fell 5.2 per cent to €19.37 with sentiment given an extra downward nudge by a number of broker downgrades for the stock.

Software group SAP was €128.50 in late trading, a fall of 5 per cent on the day. Mobile leader Nokia has shown a considerable rise in the past two months, having closed at €15.25 on September 10th. Yesterday it slipped back 4.8 per cent to €25.09.