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European stocks edge down in risk-off trade

On Monday, European stocks started steeply lower, as market participants stood away from risk-related assets ahead of German business climate data due later in the trading session and the highly-anticipated U.S. Presidential debate.

During European morning trade, the EURO STOXX 50 sank 1.57%, French CAC 40 fell 1.59%, while German DAX 30 dove 1.51%.

American presidential nominees Hillary Clinton as well as Donald Trump were set to have their first debate at Hofstra University, New York state, Monday evening.

Energy-related shares were under pressure because investors were also eyeing an informal gathering of OPEC members this week, right between Monday and Wednesday, in oder to discuss a potential output freeze.

French oil and gas major Total SA was deprived of 1.81%. Italian ENI sank 1.67%, while Norwegian rival Statoil dove 2.02%.

As for peripheral lenders, Italian Intesa Sanpaolo along with Unicredit tumbled 2.51% and 3.91% respectively. Additionally, Spanish banks BBVA as well as Banco Santander dropped 2.77% and 1.67%.

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