In the absence of New York and London, Europe traded quietly. Sentiment was aided by a modest rally for the euro and hopes for a Kosovo settlement. The FTSE Eurobloc 100 index edged 0.3 per cent higher at 1,043.72. The FTSE Eurotop 100 index improved 0.4 per cent at 2,933.62 and the FTSE Eurotop 300 index finished 0.3 per cent better at 1,273.17.

Zurich was the biggest beneficiary of growing hopes for peace in Yugoslavia and the SMI index took off in the afternoon to close 123.7 or 1.8 per cent higher at 6,911.6. CS Group put on 10.50 Swiss francs (#6.60) to SFr275.50 in positive response to Friday's a.g.m. UBS was SFr8 higher at SFr450. The heavily weighted pharmaceuticals sector moved ahead. Roche certificates rose SFr290 to SFr16,450 and Novartis was SFr48 higher at SFr2,264.