European shares start steeply lower

European shares start steeply lower

On Wednesday, European stocks started steeply lower, driven by sharp losses in the financial sector because an everlasting dip in crude prices applied pressure on energy stocks.

The EURO STOXX 50 moved down 1.03%, French CAC 40 lost 1.24%. As for German DAX 30, this benchmark slumped 0.65%.

Financial stocks generally declined as French lenders BNP Paribas as well as Societe Generale lost  2.11% and 2.32% respectively, while Germany's Deutsche Bank and Commerzbank dived respectively 1.28% and 1.59%.

As for peripheral lenders, Italian Intesa Sanpaolo and Unicredit went down respectively 1.18% and 1.60%, while Spanish banks BBVA along with Banco Santander decreased 0.98% and 1.23% respectively.

Meanwhile, everlasting worries as for the level of American crude output suppressed crude prices, which in turn brought stocks down.

FTSE 100 lost 0.35% in London, suppressed by Provident Financial, whose stocks slipped 14.41%.

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