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European shares start lower

On Friday, European stocks started lower, weighed by losses in the financial sector. Furthermore, market participants became more cautious ahead of the Fed’s policy gathering next week.

During European morning trade, the EURO STOXX 50 edged down 0.51%, French CAC 40 sank 0.29% and German DAX 30 slid 0.39%.

Hopes for an approaching American rate lift dropped after the Commerce Department posted on Thursday that in August, American retail sales descended 0.3%, that’s worse than hopes for a 0.1% fall. It appeared to be the first sag for five months.

Financial stocks traded mostly lower, because French lenders BNP Paribas along with Societe Generale went down 0.88% and 1.02% respectively, while German Commerzbank along with Deutsche Bank sank 1.66% and 7.08% respectively.

Deutsche Bank was affected after the US Department of Justice urged the German lender to pay up to $14 billion just to settle allegations of mis-selling mortgage securities.

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