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Europe: Stock markets drop at open

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[LONDON] European stocks markets fell at the start of trading on Friday, with shares in Deutsche Bank slumping around 8 per cent as US authorities hunted it down over a record fine.

At the open, London's benchmark FTSE 100 index fell 0.3 per cent to 6,707.78 points compared with the close on Thursday.

In the eurozone, Frankfurt's DAX 30 shed 0.2 per cent to 10,403.67 points and the Paris CAC lost 0.3 per cent to 4,359.87.

Authorities in the US are seeking up to US$14 billion from Deutsche Bank to resolve allegations stemming from the sale of mortgage securities in the 2008 crisis, the German financial giant confirmed Thursday.

The news was felt across Europe's banking sector, with shares in Royal Bank of Scotland shedding 4.0 per cent at the start of trading Friday.