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Pfizer Inc and its German partner BioNTech on Monday sought the U.S. Food and Drug Administration's authorization for an Omicron-tailored COVID-19 vaccine booster for children aged 5 through 11 years.

The application comes just days after Moderna also applied for FDA authorization of its own Omicron-targeting shot in adolescents aged 12 to 17 years and children aged six to 11.

Shares in Pendragon PLC jumped by more than a fifth on Monday after the British car dealer said it had received a takeover offer worth £400 million from its largest shareholder, Sweden's Hedin Mobility Group.

The rout in sterling and U.K. bond markets worsened on Monday as investors took fright at the new government's sweeping and unfunded tax cuts.

By mid-morning in London, yields on U.K. Gilts had soared as markets priced in more interest rate hikes from the Bank of England in response to a mini-budget seen by most analysts as inflationary. Expectations of a strong monetary policy reaction helped the pound to recover most of the ground it lost at the opening, when it fell to a new all-time low against the dollar.

Business morale in Germany this month slumped to its lowest level since the early days of the pandemic, according to a leading survey of companies in Europe's largest economy.

The pound hit an all-time low and the rout in U.K. bonds worsened after the new government indicated that it isn't yet done with unfunded tax cuts and energy subsidies. Italy is going to get a right-wing government after a bloc led by Giorgia Meloni's Brothers of Italy party emerged as the winner of national elections. Stocks are set to open lower, with a special spotlight on Amazon and Berkshire Hathaway after the weekend publication of a study on the impact of the new global minimum corporate income tax.

U.S. stocks are seen opening lower Monday, continuing the previous week’s rout with investors concerned about future growth after the Federal Reserve ramped up its fight against inflation.