October 3, 2016 / 7:31 AM / 2 years ago

European shares dip as banking stocks retreat

LONDON, Oct 3 (Reuters) - European shares dipped lower on Monday, as banking stocks retreated from a late rally in the previous session as concerns over Deutsche Bank and Italian banks lingered.

The pan-European STOXX 600 index was down 0.1 percent, with the STOXX Europe 600 bank index falling 0.4 percent.

Although Deutsche Bank’s main German-listed shares were not trading due to the German stock market being closed for a public holiday on Monday, the company’s woes remained at the forefront for many investors.

Deutsche Bank is throwing its energies into reaching a settlement before next month’s presidential election with U.S. authorities demanding a fine of up to $14 billion for mis-selling mortgage-backed securities.

However, some traders said Deutsche Bank’s shares - which closed up 6.4 percent in Frankfurt on Friday - would remain under pressure while there was no deal.

Shares in Italian banks also slipped as the country’s economy minister looked to discuss stalled efforts to sell four small banks that were rescued from bankruptcy last year, sources said. (Reporting by Sudip Kar-Gupta; Editing by Andrew Heavens)

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