Around the World's Markets: Frankfurt

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THE XETRA DAX burst through the 5,100 level for the first time since 9 September on the back of Monday's mergers' announce- ments. However, the index failed to hold on to its early highs, and ended down 72.35 points, or 1.44 per cent, at 4,952.16 after profit-taking set in.

Even shares in Deutsche Bank - which soared after details of its proposed takeover of rival Bankers Trust leaked to the market - were hit, closing 3 per cent down on the day. One trader said: "Some of the euphoria has gone."