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Around the World's Markets: Frankfurt

SHARES FELL sharply as traders anticipated a correction. The Xetra Dax of blue-chip shares dropped 1.1 per cent to 4,653.26 points.

Traders said the correction would have been bigger amid concerns over military tension in the Gulf and the growing threat of air-strikes against Iraq. But sentiment was boosted by the strong dollar and a stable bond market.

Deutsche Telekom, the former state-owned company, saw its shares slide by 2.1 per cent when it said it was cutting charges.