EUROPE'S main stock markets are falling as dealers book profits a day after a technical spike for equities, while Vodafone shares are sliding after US telecoms operator Verizon denied it was preparing a bid to buy out the British mobile phone giant.
European equities had rallied on Tuesday in thin trading, with Frankfurt and Paris closing up almost 2.0 per cent each, as dealers began returning to their desks after the Easter holiday weekend to digest developments over the Cyprus debt crisis.
In late morning trade on Wednesday, London's FTSE 100 index of leading companies was down 0.35 per cent at 6,467.90 points.
Frankfurt's DAX 30 dipped 0.09 per cent to 7,936.37 points and in Paris the CAC 40 shed 0.14 per cent to 3,800.16.
"Yesterday's gains came in spite of a slew of poor economic data," said Chris Beauchamp, market analyst at IG trading group.
"In a neat reversal, today we are seeing a modest pullback."
Vodafone's share price dropped 2.16 per cent to 187.85 pence after Verizon distanced itself from press speculation regarding a potential merger with the British group.
"As Verizon has said many times, it would be a willing purchaser of the 45 per cent stake that Vodafone holds in Verizon Wireless," the US company said in a statement.
"It does not, however, currently have any intention to merge with or make an offer for Vodafone, whether alone or in conjunction with others," Verizon said in a statement filed on Tuesday with the Securities and Exchange Commission.
Various media reports had said Verizon was mulling a joint attack with AT&T that would see the pair divide up Vodafone assets.
Market focus also remained firmly on Cyprus, with the International Monetary Fund on Wednesday agreeing to provide approximately one billion euros to the 10-billion-euro rescue plan for the cash-strapped eurozone nation.
This would be through a three-year 891-million-euro Special Drawing Rights loan, announced IMF managing director Christine Lagarde.
The European Central Bank (ECB) will meanwhile hold off from cutting rates or announcing any other policy moves at its meeting on Thursday so as to keep up pressure on governments to solve the eurozone's crisis, analysts said.
Also on Thursday, the Bank of England is expected to vote to maintain both its record-low interest rate and level of cash stimulus as investors wait to see whether Britain's economy has re-entered a period of recession.
In foreign exchange trade on Wednesday, the euro rose to $1.2830 from $1.2813 late in New York on Tuesday. Gold prices dropped to $1,569.94 an ounce from $1,583.50.
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