21.   A German rate cut would reduce the relative appeal of mark-based assets.

22.   A German rate rise could have triggered similar increases elsewhere in Europe, causing investors to switch out of stocks into higher-yielding bonds.

23.   A cut in German rates would likely trigger a similar reaction in other core European markets, said Philip Shaw, chief economist at Union Discount.

24.   A German rate cut would give European economies some breathing room in their efforts to cut budget deficits and trim unemployment.

25.   A German rate rise could spur similar increases throughout Europe, prompting investors to shift funds to fixed-income securities, such as bonds.

26.   A report today showing a bigger-than-expected drop in Western German prices in the month to mid-September further damped expectation of an imminent German rate rise.

27.   A series of German reports pointed to a deceleration in inflation in September, suggesting no imminent need for higher German rates.

28.   A rate cut by the Swiss National Bank preceded the German rate move.

29.   After the German rate reduction, the central banks of Belgium, the Netherlands, Denmark, Austria and Ireland their lowered interest rates.

30.   Against the mark, the dollar drew support from speculation that the Bundesbank will cut German rates as early as next week.