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Market Update

European Stocks Push Lower

European markets were all down early Monday morning amid lingering concerns about the future of monetary stimulus in the U.S. and its impact on the rest of the global economy.

At 9:27 a.m. London time, the FTSE 100 was down 0.5% while the CAC 40 Paris lost 0.9%. The DAX Frankfurt was trading 0.6% lower.

Markets continued to remain jittery in the wake of Federal Reserve chairman Ben Bernanke's announcement last week that the central bank might end its bond-purchase program later this year if the U.S. economy continues to show signs of recovery.

There were also worries about economic growth in China after global investment bank Goldman Sachs slashed its forecasts on growth in the world's second-largest economy this year and next, citing tighter financial conditions.

Meanwhile, the People's Bank of China has asked the nation's largest banks to rein in risky loans and improve their balance sheets -- a move that has sparked off worries about the health of the country's banks.

Stocks on the Move

Commodity-linked stocks were under pressure as concerns about China's growth outlook grew. China being the world's largest consumer of commodities, its economic growth or deceleration has a considerable impact on demand in the commodities market.

Top miners on the resource-heavy FTSE 100 index were trading with modest losses. Rio Tinto Plc. lost over 2% while BHP Billiton Plc. erased 1.4%. Anglo American Plc. pulled back 2.2%.

Energy giant BP Plc. was flat but Royal Dutch Shell slipped 0.6%.

Financials also looked weak across the region. BNP Paribas SA erased 2.1% while Societe Generale SA was trading 1.8% down. Among German lenders, Deutsche Bank AG gave up around 1% while Commerzbank AG slipped 1.3%.

Lloyds Banking Group and Barclays Plc fell more than 1% in London.

But moving in the opposite direction, London-based telecom giant Vodafone Plc. added 0.6% after announcing plans to acquire Germany's largest cable operator Kabel Deutschland for 7.7 billion euros.

Also in news, Sanofi and GDF Suez SA said they signed an agreement to strengthen their collaboration in energy savings at Sanofi industrial sites. Shares of both the companies were trading more than 1% lower.