2016.09.2605:51:00UTC+00European Shares Lower as Energy and Banking Stocks Drop

European stocks declined weighed down by the pullback in shares of major energy and banking firms. The pan-European STOXX 600 index decreased by 1.4 percent.

The Banking index of the STOXX Europe declined by 2.5 percent as shares of Lloyds dropped by 2.8 percent following Goldman Sach's rating of the bank which went from “sell” to “neutral”. The broader European banking index continues to be down by nearly 20 percent and is also the worst-performing equity sector in Europe this year. The STOXX Europe 600 Oil & Gas index also slid by 2.1 percent following the significant decline in oil prices during recent sessions. Lanxess rose by 7.9 percent while K+S was down by 4.7 percent.

Stocks of Deutsche Bank remains to slide lower as shares were down by six percent.