By Carla Mozee, MarketWatch

Merger news, earnings for stocks

LONDON (MarketWatch) -- Iliad SA and Telecom Italia SpA were among the biggest stock movers in European trade Wednesday.

European stocks overall fell by 0.9%, under pressure from worries about tensions between Russia and Ukraine, and disappointing updates about the Italian and German economies.

Movers

Hannover Re SE shares fell 3.5%. The reinsurer's second-quarter net profit climbed to 211.5 million euros ($282.9 million) from EUR192.3 million, but was short of the analyst consensus of EUR218 million.

Iliad SA shares dropped 5.7% as the French company, according to a Wall Street Journal report, will stick with its $15 billion offer to buy T-Mobile US (TMUS) following the collapse of a rival bid from Sprint (S) .

Swiss Re AG posted a 2% rise in profit in the second quarter, but shares of the reinsurer declined 3%.

Telecom Italia SpA fell back 2.6%. The telecom group swung to a first-half profit but a sluggish operating performance underscored tough trading conditions in Italy.

More must reads from MarketWatch:

Italy's industrial output rises above expectations

German manufacturing orders tank as Ukraine, Russia weigh

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