European shares retreat, Deutsche Bank slips

Comment on this story
EU Flag

London - European shares retreated from 5-1/2-year highs on Monday, with banking shares under pressure after Deutsche Bank posted a surprise pre-tax loss and miners slipping in the wake of data showing easing Chinese growth.

Deutsche Bank fell 4.2 percent after reporting a loss of 1.15 billion euros for the fourth quarter due to heavy costs for litigation and restructuring.

Deutsche Bank also warned that 2014 would be another year of challenges and reform.

The STOXX Europe 600 banking index fell 1 percent, the top sectoral faller, dragging the FTSEurofirst 300 index down 0.3 percent to 1,340.91 points by 10:07 SA time.

The index closed at a 5-1/2 year high on Friday.

The European mining index fell 0.8 percent after data showed Chinese growth eased to 7.7 percent in the last quarter of 2013 from 7.8 percent the previous quarter.

Some analysts predict China, the world's biggest metals consumer, will keep losing momentum this year.

Trading was likely to be thin as the markets in the United States are closed on Monday for the Martin Luther King Day holiday. -


sign up

Comment Guidelines

  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

  5. Verified email addresses: All users on Independent Media news sites are now required to have a verified email address before being allowed to comment on articles. You are only required to verify your email address once to have full access to commenting on articles. For more information please read our comment guidelines