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European stocks came off session lows however concerns about the systemic risk implied by German banks continue to affect investor sentiment. The pan-European STOXX 600 declined by over 1.6 percent but trimmed losses and traded nearly one percent lower.
Concerns regarding Deutsche Bank pulled the whole banking sector lower as Italian lenders were near the bottom. The Royal Bank of Scotland stated a restructuring of its operations to protect its retail operations from risks as shares were significantly lower. Shares of Telefonica dropped after its announcement that it cancelled the planned listing of its Telxius business. Burberry share were slightly higher.
A flash estimate of inflation in the eurozone during August has shown an increase of 0.4 percent year-on-year while unemployment was steady at 10.1 percent during August.
