European equity markets traded cautiously yesterday, slipping after a session of mixed earnings news. The FTSE Eurofirst 300 fell 7.6 points, or 0.5 per cent, to 1,514.65.

Vivendi fell 2.1 per cent to €31.58 amid disappointment at the French media and telecoms group’s results, particularly at SFR, the mobile business, which reported a fall in fourth quarter revenues. Comments from Vodafone indicating that it wanted “stability” for its 44 per cent stake in SFR were seen as disappointing to any investors hoping for a buy-out.