Merger talk among utilities has been dominating markets for days and you cannot say when this will end.

Prices of utilities and other stocks have reached levels that don't look sustainable at the moment, given the overall economic environment.

Investors are buying back into telecoms, which have upside potential after being the worst sector performer last year in Europe, and offer a nice dividend yield.

Investors decided to book profits on recent positive news from Volkswagen and solid car registration figures.