European stock markets open lower, with bank stocks falling

European stocks fell on Monday as a sharp decline in financial stocks offset gains in the energy sector due to concerns about political instability in Russia, a major oil producer.

The pan-European STOXX 600 was down 0.3% by 0717 GMT, after posting its biggest weekly percentage loss in three months at the end of a busy week of central bank decisions on Friday.

Meanwhile, the energy sector rose 0.2 percent as oil prices rose after Russian mercenaries revolted at the beginning of the week, raising concerns about possible damage to Russian oil supplies.

The banking index was the biggest loser on the Stoxx index, down 1 percent, and Deutsche Bank fell 2.4 percent.

Reuters reported that Deutsche Bank told clients it could no longer guarantee full access to Russian shares owned by them.

Market focus is also on Germany’s business climate confidence data for June, which is due to be released on Monday.