(Reuters) – European stocks hovered below record highs on Tuesday as caution ahead of a European Central Bank meeting later this week offset gains in the telecoms sector following a Deutsche Telekom (OTC:) deal.
The pan-European index slipped 0.1% by 0719 GMT, after coming just a point below its record high in the previous session.
Media and utilities fell the most among sectors, while telecoms gained 0.8%.
Deutsche Telekom rose 2.5% after it struck a share-swap deal with Softbank (OTC:) Group to increase its stake in U.S. unit T-Mobile and sold its Dutch unit.
Shares in Sweden’s Tele2 rose 1%, while KPN gained almost 4%.
Germany’s Allianz (DE:) slipped 0.5% after Reuters reported that regulators have launched an investigation into the company after the demise of some of its U.S. investment funds last year.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.