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Market Update

FTSE Leads European Losses

European stocks were down Monday with London markets dragged lower after heavy losses in Vodafone.

The FTSE fell 1.2%. The CAC 40 Paris was down 0.3% while the German DAX was off 0.4%.

Economic reports due from the region today include the closely watched Ifo Institute’s business climate index at 10.00 a.m. Frankfurt time.

In other developments around the region, Italian agriculture minister Nunzia De Girolamo resigned on Sunday after receiving much criticism after she was caught on tape discussing public contracts.

Stocks on the Move

Vodafone fell 7% after AT&T said it does not intend to make an offer the company.

RSA Insurance Group was down 1.7% after a Sunday Times report that the company may not pay out its final dividend so as to raise funds.

Chemical maker Lanxess AG was up over 9% after the company named Merck's finance chief Matthias Zachert as its new CEO, effective May 15, following Alex Heitmann’s departure on Feb. 28.

SAP AG was up 0.7% after its finance head was quoted saying the company could start looking at large acquisition targets again.

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