March 22, 2017 / 8:28 AM / 3 years ago

European shares stumble as banks, miners, Gemalto fall

LONDON, March 22 (Reuters) - European shares fell in early deals, extending losses from the previous session as basic resources stocks and banks came under pressure.

The pan-European STOXX 600 index was down 0.7 percent at a one-week low as global markets were hit by worries that U.S. President Donald Trump could struggle to deliver on his reflationary economic policies.

These doubts weighed on mining stocks, with the sector falling 1.5 percent as the price of copper hit a two-week low, while banking shares also declined, with the sector down 1.5 percent.

Dutch lender ING Groep was among the biggest fallers, down around 3 percent after disclosing a criminal probe which could result in significant fines.

ING was also joined by Austrian peer Raiffeisen Bank , which dropped 6.3 percent.

Individual moves higher were relatively muted, though safe-haven precious metals miners Randgold Resources and Polymetal International were in demand.

The biggest individual faller was Gemalto, which plunged more than 22 percent.

The Dutch digital security services firm plummeted after cutting its profit forecasts, blaming a weak U.S. payments business. (Reporting by Kit Rees; Editing by Alison Williams)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below