Frankfurt - European Central Bank (ECB) chief Jean Claude Trichet signalled Monday that the bank's rate-setting council might deliver another cut in borrowing costs at its meeting next month.

"I consider possible that the Governing Council will decrease interest rates once again at its next meeting on November 6," said Trichet in a speech delivered in Madrid and posted on the Frankfurt- based bank's website.

"It is not a certainty, it is a possibility," he said with analysts expecting the ECB to cut borrowing costs again next month by 50 basis points, or half of one per cent.

Frankfurt - European shares staunched early big losses Monday amid renewed hopes about interest rate cuts and after some positive US economic data.

As trading on European stock markets drew to a close, Europe's blue-chip Stoxx 50 was down by 2.0 per cent at 2076 points.

However, with Wall Street swinging between positive and negative territory, the Stoxx 50 index pulled back from steep declines run up in the morning session.

Berlin - The hazard lights are flashing over the European car industry, with leading automakers cutting production and scaling back profit forecasts as the world financial crisis hits vehicle sales.

Less than a week after cutting its earnings forecast again, the giant German auto maker Daimler AG flagged plans Monday to shut down work for about four weeks over Christmas at key plants, including one producing its flagship luxury Mercedes-Benz cars.

Brussels  - The European Commission wants to ban smoking in bars and restaurants across the European Union, officials in Brussels said Monday.

However, discussions on a smoking ban in all of the member states' workplaces are still at the preliminary stage, meaning any new rules are unlikely to be implemented before 2010.

Frankfurt - Rare Volkswagen shares commanded giddying prices Monday on the Frankfurt Stock Exchange after Porsche announced it was within sight of
75-per-cent control of Europe's biggest carmaker.

The stock traded at 356 euros by late morning, up 69 per cent from Friday. At one point it had been up 90 per cent, and Germany's N-TV news television said the gain had bolstered Frankfurt's DAX stock index by 200 points.

Analysts said it was unlikely to be luxury car-maker Porsche's own purchases that were driving the price, although Porsche revealed Sunday it had advanced its stake from 35 to 42.6 per cent of Volkswagen Group. Additionally, it has captured options for an additional 31.5 per cent of Volkswagen.

Frankfurt  - European shares opened sharply down Monday after a steep fall in stocks across Asia signalled another tumultuous week on global bourses.

After a wave of panic selling in Asia's stock markets, Europe's blue-chip Stoxx 50 slumped by 5.9 per cent in early trading to 1,994 points as recession fears deepen.

This came in the wake of big falls in opening trade across Europe's national bourses with London sliding more than 5 per cent, Paris' CAC 40 index cascading down by nearly 6 per cent and Frankfurt's key DAX dropping by 5 per cent.