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Europe: Shares slip as banking and energy stocks fall
[LONDON] European stocks fell on Monday as a pullback in the shares of major banking and energy companies weighed on the region's markets.
The pan-European Stoxx 600 index fell 0.7 per cent in early session trading. The index remains down by around 6 per cent since the start of 2016.
The Stoxx Europe 600 Banking index fell 1.2 per cent, with British bank Lloyds declining by 1.3 per cent after Goldman Sachs cut its rating on Lloyds to "sell" from "neutral".
The Stoxx Europe 600 Oil & Gas index also fell 1.4 per cent, reflecting a sharp drop in oil prices in recent sessions. Crude oil prices had tumbled 4 per cent on Friday, although oil prices edged back up a touch on Monday.