Another lacklustre trading session sent stocks lower on the New York exchange today despite a wave of corporate deals that underscored the economy’s overall health.

SHAREHOLDERS in Belgacom, Belgium's main fixed-line telecom company, will sell up to €3.91 billion in stock in Europe's biggest initial public offering in three years, the Brussels-based company said yesterday.

Standard & Poor's Ratings Services affirmed its long-term single-A and short-term A-1 ratings on Vodafone Group PLC and said the outlook is stable, following Vodafone's announcement that it has agreed to acquire BT PLC's and SBC Communications Inc's stakes in French fixed-line and mobile telecommunications company Groupe Cegetel SA for €6.3bn.