European stock markets opened cautiously lower on Tuesday after a strong rally the prior day, with shares of Nokia Oyj soaring after a deal with Microsoft Corp.
The Stoxx Europe 600 index slipped 0.1% to 302.62, after gaining 1.9% on Monday.
Among country-specific indexes, the U.K.’s FTSE 100 index fell 0.23%, while France’s CAC 40 index dropped 0.54% and Germany’s DAX 30 index was 0.57% lower.
Stocks gained earlier as takeovers bolstered investor confidence.
Nokia shares surged 44% after Microsoft agreed to buy most of the Finnish company’s devices and services business in a deal valued at $7.17 billion.
The news followed Verizon Communications' move on Monday to pay $130 billion to buy Vodafone out of its U.S. wireless business, highlighting fresh appetite for mega merger and acquisition (M&A) deals on the back of improving global economic outlook.
Other telecom-related firms were also on the rise, with shares of Alcatel-Lucent SA up 6.2% and LM Ericsson Telefon AB rising 2.7%.
Russia said two missiles appeared to be headed toward the east Mediterranean, Russian state-run news service RIA reported, citing Defense Minister Sergei Shoigu speaking to President Vladimir Putin.
However, gains were limited on concerns regarding Syria, with the U.S. administration preparing to persuade Congress to back plans for an attack on the country. The potential cost of a military strike against Syria could also reignite concerns about the U.S. budget and unsettle investors.
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