LONDON (TheDeal) -- European markets moved lower on Thursday after an inconclusive meeting late yesterday between Greek officials and its international creditors stoked further worries about a Greek debt fault and eurozone exit.
As talks resumed today, a report leaked to the Financial Times shows creditors are still demanding tough new rules governing pensions, which Greek Prime Minister Alexis Tsipras has fiercely resisted. Greece must strike a deal by next Tuesday, when its bailout funding expires and when a €1.6 billion ($1.8 billion) payment falls due to the International Monetary Fund.
Meanwhile as the possibility of a Grexit draws closer, U.K. PM David Cameron will launch his campaign to seek new European Union membership terms and avoid a "Brexit" at a meeting of European leaders in Brussels later today.
In Frankfurt, the DAX was down 0.25% at 11,442.44. In Paris, the CAC 40 slipped 0.37% to 5,026.51. In London, the FTSE 100 was down 0.06% at 6,840.59. In Athens, the benchmark index was down 0.44%.
Vivendi (VIVHY) was down more than 3% in Paris after it announced it had lifted its stake in Telecom Italia (TI) to 14.9%, having received the first block of shares when it sold its Brazilian GVT business. The French media group recently exited telecoms but maintains the Telecom Italia investment will help it sell content to its southern neighbor. In Milan, Telecom Italia shares edged marginally lower.
In London, Netcall, which calls itself a customer-engagement services provider, posted low-teens gains after announcing it's in talks about an offer worth about £87.6 million ($137 million ) from Eckoh. The bidder has a July 23 deadline to announce a firm plan to make an offer or withdraw. Its shares also rose.