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Market Update

European Markets Trend Lower

European markets were all in the red Monday after some downbeat data from Germany.

The FTSE edged down 0.1%. The CAC 40 Paris was down 0.3% while the DAX was also off 0.1%.

Earlier, data showed industrial output in Germany fell 1.8% in May, its biggest drop in more than two years.

Stocks on the Move

SABMiller PLC shares fell 0.8% after the brewer announced it was selling its $1.09 billion stake in Tsogo Sun Holdings following a review of its holding in the South African hotel and casino operator.

Sanofi dragged on the French benchmark index after the company warned currency effects would impact earnings. Sanofi shares were down 0.4%.

Oil major Total was also a drag, its shares down almost a percent after the company said margins would be impacted by a weak second-quarter performance in refining.

Mediaset shares were up 1.7% after reports the company was in talks with Spanish telecoms firm Telefonica to sell them a stake in its Italian pay-tv business. Telefonica shares were down 0.4%.

Helvetia Holding gave up 0.7% after it agreed to buy a stake in National Suisse, creating Switzerland’s third largest insurance company.