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Here is how major stock markets outside the United States ended on Monday.

EUROPE STOCKS EXCHANGE: European shares reversed early losses to close at a fresh 16-month high as hopes for rising revenues boosted blue chips like mobile phone giant Vodafone and Europe's top software firm, SAP.

A strong start on Wall Street underpinned gains in Europe as investors backed equities to extend the rally that began in March last year and added more than 40 percent to pan-European benchmark indexes by the end of the year.

Analysts said the smaller, lower quality cyclical stocks that led the way higher in 2003 might take a back seat as fund managers made their investment decisions early in the new year.

"We see a shift back into quality," said Robert Jukes, an equity strategist at Credit Suisse First Boston in London.

Those gains helped the FTSE Eurotop 300 index of pan-European blue chips to end 0.5 percent firmer at 972.95 points, its highest close since August 2002, on modest turnover of 2.2 billion euros.

FRANKFURT STOCKS EXCHANGE: The DAX index ended at 4,035.9 points, up 17.4 or 0.43 percent.

PARIS STOCKS EXCHANGE: The CAC-40 index closed at 3,608.29 points, up 11.49 or 0.32 percent.

ZURICH STOCKS EXCHANGE: The Swiss market index closed at 5,582.7 points, up 94.9 or 1.73 percent.

MILAN STOCKS EXCHANGE: The All Share Mibtel index closed at 20,352 points, up 107 or 0.53 percent.

SYDNEY STOCKS EXCHANGE: Stocks ended lower owing to a softer Wall Street and a fire last week which weighed on oil producer Santos.

The benchmark S&P/ASX 200 index closed down 14.7 points, or 0.45 percent, at 3,286.0.

JOHANNESBURG STOCKS EXCHANGE: Shares ended down, dragged by forex-earning blue chips on rand strength but banking stocks held after Nedcor gained on talk parent Old Mutual wanted to sell its stake.

The broad all-share index flopped by 1.11 percent or 116.49 points to 10.394.39 points pulled down by heavily weighted resource stocks, which fell 1.34 percent as the rand firmed against the dollar.

The All Gold index closed at 2,521.12 points, down 32.2 or 1.26 percent, while the Industrial index closed at 6,852.12 points, down 128.7 or 1.84 percent.

Copyright Reuters, 2004


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