Around the World's Markets: Frankfurt

THE XETRA DAX index closed down 1.53 per cent at 5,295.22, dragged lower by a slipping Wall Street and falls in market heavyweights that reinforced sentiment that consolidation was under way.

Deutsche Bank was the most traded stock, falling 2.41 euros to 54.34 euros, while Deutsche Telekom, the second most traded DAX stock, fell 1.61 euros to 36.14 euros. "We are in a consolidation phase. I don't think we'll be going up for a while yet," an analyst said.