European markets  are sharply lower this morning after continued subdued sentiment about the global economy.  Lower moves in the auto and construction-related companies offset some small takeover activity in the energy industry.  There is also volatility across equity markets as monthly futures and options expire today.  News that the French government may cut its 2.5 percent forecast for growth in 2011 is not helping.  We have seen buyers of telecoms with several different long only accounts and we have had 2 way action in the Autos.

FTSE -56%

DAX -1.01%

CAC - 1.31%