European shares fall as Deutsche Bank leads financial stocks lower

lunes 26 de septiembre de 2016 12:39 GYT

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By Danilo Masoni and Sudip Kar-Gupta

LONDON, Sept 26 (Reuters) - European shares fell on Monday, weighed down by major banking stocks, with Deutsche Bank hitting an all-time low amid concerns over the impact on its finances of a big U.S. fine.

The pan-European STOXX 600 index fell 1.6 percent to a one-week low. The index is down by around 7 percent since the start of 2016.

Deutsche Bank tumbled more than 7 percent after a German magazine said Chancellor Angela Merkel had ruled out state assistance for the bank and rejected any interference in a case where the U.S. justice department (DOJ) is demanding $14 billion.

"Political backing could give the bank a helping hand in negotiating a settlement with the DOJ," said Federico Trabucco, fund manager at Kairos Partners in Milan. "It is a bit difficult to invest until you get some clarity on the full amount of a potential settlement and how it will be financed," he added.   Continuación...