U.S. Markets closed

European Markets Are Cautious After Last Week's Rallies, Await New York Open

European and Asian markets drift down in morning trading Monday, as traders take a break following last week's rallies and await the reopening of the U.S. markets after the July 4 holiday. Disappointing German industrial output weigh on eurozone markets. Lufthansa flies on planned joint venture with Air China, while Airbus loses height in spite of big Chinese helicopter order. French automaker Renault sees auto sales accelerate in first half. Global brewer SABMiller falls on news it will dispose of a 40% stake in South African hotel and entertainment group Tsogo Sun Holdings, valued at $1.09 billion. But Italian broadcaster Mediaset rises as Spanish telecom group Telefonica agrees to buy 11% of the company.