AFX European stockmarket summary

London shares ended a six-session run of successive losses when it closed up today boosted by a recovery in telecom stocks, strength in oils - led by an update from Shell - and gains in the heavyweight banking sector after Royal Bank of Scotland issued an upbeat trading statement, dealers said.

The FTSE 100 index closed up 75.30 points at 5,136.30.

An optimistic trading update from Royal Bank of Scotland boosted sentiment in the heavyweight banking sector, after an upbeat trading statement this morning in which the bank revealed that it is confident it will meet full-year expectations, although the firm noted that current economic conditions had led to higher charges for bad debt.

RBoS closed up 71 pence at 1,617, while elsewhere in the sector Barclays put on 40 pence to 2,160, Lloyds TSB rose 12-1/2 pence to 717-1/2 and HSBC closed 4-1/2 pence higher at 831-1/2.

FRANKFURT (AFX) - shares were sharply higher in evening trade as technology shares rebounded strongly from last week's lows, and shares across the board extended earlier gains on a robust opening from the US exchanges, dealers said.

At 6.07pm, the DAX 30 was at 5,082.01, up 172.59 points or 3.52%, having traded in a range of 4,905.28-5,089.92 so far today.

Siemens led the list of gainers, adding 4.68 euro or 6.94% to 72.09, with sentiment in the stock buoyed by the reiteration by the electronic giant's chairman Heinrich von Pierer - cited in Die Welt - that the group's results next year will be better than seen this year.

Infineon was also in demand, up 1.25 at 24.10, as news that two of its Asian competitors, Samsung Electronics and Hynix Semiconductor, have hiked their DRAM chip contract prices, sparked hopes that Infineon will soon follow suit and raise its DRAM contract prices.

AMSTERDAM (AFX) - Share prices closed higher in a technical recovery supported by early Wall Street gains, dealers said.

The AEX index closed up 13.40 points at 488.97, just off a high of 489.05 after opening at 478.92.

Royal Dutch Petroleum put on 1.60 to 53.60 after saying it will continue to focus on improving efficiency and cut 3% from its operating cost base, or $500m per year over the next two years.

Financial issues also had a strong showing, with ING putting on 1.12 to close 27.92 higher and Aegon rising 1.26 to 29.85. Fortis gained 0.43 to 27.50 after unifying its shares into a single listing with a 9.5% weighting on the AEX index.

PARIS (AFX) - Share prices closed sharply higher, with TMT stocks setting the pace as investors returned to pick up bargains after steep declines throughout last week, dealers said.

The CAC-40 index finished up 145.15 points or 3.3% at 4,485.17, on volume of €3.13bn.

Vivendi Universal shares posted among the largest gains, climbing 3.65 euro or 6.8% to 57.35 after the company announced the acqusition of USA Networks' Entertainment assets for $10.4bn in cash and shares.

Both cyclical and defensive issues benefited from today's rally, with TotalFinaElf closing 5.80 firmer at 149.50 and LVMH up 2.13 at 45.83, while Suez was 1.17 higher at 33.63 and Danone rose 1.90 to 129.50.

MADRID (AFX) - Share prices closed sharply higher on futures-led buying, with TMTs and the main banks leading the gainers, dealers said.

The IBEX-35 index closed up 261.5 points or 3.16% at 8,543.1, after trading in a range 8,278-8,579, on turnover of €1.78bn, with put-throughs accounting for nearly 35%.

TMTs and the main banks outperformed in largely futures-driven trade, with volumes in the cash market relatively light.

"It's the December (futures) expiry this Friday, and there's definitely a buyer, or perhaps several, in the market now... it will be interesting to see how far prices are pushed up" in what is effectively the last trading week of the year, a leading UK investment house saleswoman said.

Telefonica was up 0.46 euro or 3.10% at 15.32, while Moviles was 0.23 higher at 8.73 and Terra gained 0.47 to 9.99.

ZURICH (AFX) - Share prices closed sharply higher after a broad, but low-volume rally that was spurred by Wall Street's gains, traders said.

The Swiss Market Index closed up 117.40 or 1.9% at 6,301.70 points, and the Swiss Performance Index closed ahead 85.21 at 4,313.44 points.

Chemicals led the advance, with Clariant rising 1.10 to 29.65 sfr, Syngenta gaining 3 to 83 sfr and Ciba climbing 0.25 to 102.75 sfr.

The market's heavyweights marched forward. Novartis finished up 0.65 at 56.65 sfr, as several hundred employees in Basel demonstrated to protest failed wage negotiations.

MILAN (AFX) - Share prices closed higher, supported by the German IFO economic data and Wall Street's gains this afternoon, brokers said.

The Mibtel was up 2.69% to 22,668 points and the Mib30 up 3.34% to 32,031.

Seat PG rose 8.12% to 0.982 euro, with most of the sharpest gains in the last part of the session, prompting a trading halt before the close. One broker said there were no specific news and the stock is overvalued on earnings.

On the Nuovo Mercato, e.Biscom was up 7.82% to 54.000 after comments by the CEO on when the company will move into profit. Tiscali added 5.68% to 10.750.

Telecom stocks rose after comments by Olivetti CEO Marco Tronchetti Provera, which added little new. Pirelli was up 4.84% to 2.025 and Olivetti up 4.22% to 1.456. Telecom Italia rose 3.87% to 9.580.

STOCKHOLM (AFX) - Shares closed higher in a rebound from last week's falls, with Volvo however falling ahead of the delayed release of its November deliveries figures, brokers said.

The Stockholmsboersen All Share closed up 2.88 pts at 235.15.

Ericsson B was up 1.00 skr at 58.50, and Nokia A up 13 at 266.60.

Telecom operators were moderately higher, with Telia up 0.20 skr at 45.50.

Volvo B was down 1 skr at 175.50 ahead of its November truck delivery figures, the release of which was delayed to about 10.00 am Wednesday, Volvo Trucks press spokesman Claes Claeson told Direkt.