European stocks in a sea of red amid banking stocks slump

The European equity markets opened on a weaker note, and dived deeper into losses as steep losses in the region’s banking sector dampened investors’ sentiment.

Markets completely ignored services PMI readings across the Euro area economies, while a sharp deterioration in the UK services sector activity added to the Brexit-related uncertainty and further pressured European indices.

Germany's DAX 30 index dives -1.44% at 9,569, while the UK's FTSE 100 index trades -0.26% lower at 6,508, with markets wary ahead of the BOE’s Financial Stability report (FSR) and governor Carney’s speech.

Among other indices, the French CAC 40 index drops -1.46% to 4,173, while the Euro Stoxx 50 index slips -1.54% to 2,822.