Investing
Europe shares edge lower as bank stocks drag
© Reuters. FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, June 23, 2023. REUTERS/Staff/File Photo
(Reuters) – European shares edged lower on Monday, as a sharp decline in financial stocks more than offset gains in the energy sector on concerns about political instability in top oil producer Russia.
The pan-European index was down 0.3% by 0717 GMT, after posting its biggest weekly percentage loss in three months at the end of a central bank policy-packed week on Friday.
The energy sector, meanwhile, gained 0.2% as oil prices climbed after a revolt by Russian mercenaries over the weekend stoked concerns about a potential hit to oil supply from Russia.
The banking index was the biggest drag on the STOXX index, down 1%, with shares of Deutsche Bank (ETR:) falling 2.4%.
Reuters reported that Deutsche bank told clients it can no longer guarantee full access to Russian stocks that belong to them.
Market focus is also on a German business sentiment reading for June, due at 0800 GMT.
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