European stocks decline as banks dip

European stocks decline as banks dip

On Monday, European shares went down because an early boost from energy stocks faded. Meanwhile, banks headed south too, affected by Spain's Banco Popular on worries that it could be wound down.

The STOXX 600 decreased 0.15%, with activity tamed by a public holiday in the region. At the same time the UK’s FTSE that reached a new record peak on Friday, slumped 0.3%.

Crude oil prices edged up 1% before paring revenues after top exporter Saudi Arabia as well as other Arab states suddenly cut ties with Qatar, accusing this country of backing terrorism.

Stocks in BP and Royal Dutch Shell went up moderately, while Italy's Eni sagged 0.3% and France's Total lost 0.2%.

The German as well as some other European stock markets were unavailable due to a public holiday.

Banks turned to be the biggest drag to the STOXX index with Banco Popular losing 18% and tumbling to new record minimums on worries that it could be wound down if it fails to find a buyer.

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