Around the World's Markets: Frankfurt

GERMANY'S index ignored surprise interest-rate cuts in Spain and Portugal to close lower as investors, unsettled by poor corporate results, took a breather. The electronic Xetra DAX ended down 53.15 points, or 1.12 per cent, at 4,709.32. The floor Dax closed at 4,705.08, off 1.18 per cent.

In Germany, dealers said the emphasis has been less on interest-rate cut hopes and more on concerns about the future independence of the Bundesbank.

News analysis, page 23