Investing.com - European stocks were lower on Monday, tracking their Asian counterparts as global growth concerns continued to weigh on market sentiment.
During European morning trade, the DJ Euro Stoxx 50 slid 0.57%, France’s CAC 40 lost 0.52%, while Germany’s DAX retreated 0.51%.
European equities remained under pressure after the International Monetary Fund last week cut its forecasts for global growth in 2014 and 2015 and warned that global growth may never reach its pre-crisis levels ever again.
The fund revised down its growth forecasts for the euro area’s three largest economies Germany, France and Italy.
Sentiment was also hit by fears that Germany, the euro zone’s largest economy is being dragged into a recession after recent data indicated unexpected weakness in manufacturing and exports.
Data released last Thursday showed that German exports fell 5.8% in August, and this followed weak industrial output figures on Tuesday.
Financial stocks were broadly lower, as French lender Societe Generale (PARIS:SOGN) slipped 0.12%, while Germany's Commerzbank (XETRA:CBKG) and Deutsche Bank (XETRA:DBKGn) tumbled 1.10% and 1.47%.
German newspaper Spiegel reported earlier that Deutsche Bank's provisions for potential legal costs may reach €7 billion.
Among peripheral lenders, Italy's Unicredit (MILAN:CRDI) and Intesa Sanpaolo (MILAN:ISP) fell 0.22% and 0.32% respectively, while Spanish banks Banco Santander (MADRID:SAN) and BBVA (MADRID:BBVA) eased 0.06% and 0.07%.
Elsewhere, Statoil (OSLO:STL) dropped 0.57% after Norway’s biggest energy company said it plans to sell its 15.5% stake in the Shah Deniz field in Azerbaijan to Malaysia’s Petroliam Nasional Bhd. for $2.25 billion.
In London, FTSE 100 declined 0.42%, led by Weir Group (LONDON:WEIR), down 2.22% after the engineering company was given a consensus rating of "hold" by the eleven analysts that are currently covering the group.
Meanwhile, financial stocks were mixed. Shares in Barclays (LONDON:BARC) slipped 0.23% and Lloyds Banking (LONDON:LLOY) lost 0.82%, while the Royal Bank of Scotland (LONDON:RBS) added 0.28% and HSBC Holdings (LONDON:HSBA) climbed 0.70%.
In the mining sector, stocks were mostly higher as Bhp Billiton (LONDON:BLT) advanced 0.74% and Fresnillo (LONDON:FRES) jumped 1%, while rivals Rio Tinto (LONDON:RIO) and Randgold Resources (LONDON:RRS) rallied 1.37% and 2.32% respectively.
In the U.S., markets were to remain closed for Columbus Day.