Around the World's Markets: Frankfurt

SHARES FELL for the third successive day, amid deepening gloom about the German economy. The electronic Xetra Dax closed down 36.63 points, or 0.76 per cent, at 4,814.04 points. The floor Dax fell 2.2 per cent to 4,796.82.

Federal trade statistics revealed that German exports were 2.7 per cent lower in December 1998 than December 1997, prompting renewed calls for further European interest rate cuts. Traders said the bottom of the stock market looked near, and predicted that the Dax would touch 5,000 in the coming days.