European shares move down for the fourth day

European shares move down for the fourth day

On Tuesday, European stocks declined in early trade, with all key sectors in the red, and banks led the drop on fresh political jitters and reacting to a downgrade by a major global broker.

The STOXX 600 index edged down 0.6% and the euro zone blue chip index sagged 0.7%, while the UK’s FTSE dived 0.5%.

Banks turned to be the biggest sectorial fallers, losing more than 1%, right after Deutsche Bank reduced its rating on the sector by one notch, setting "underweight".

Analysts of the German bank told that the sector turned to be among the most sensitive to swings in the euro area surge that they expect will diminish, and that valuations aren’t compelling any longer.

Italian banking stocks, which are on the retreat for the last two sessions on concerns as for early elections, found themselves among the top losers on Tuesday. For instance, Unicredit lost more than 2%.

In Great Britain, stocks of British Airways-owner IAG sank 4% on the first day of trading following the huge disruption to flights because of an IT outage.

 

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