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9/21, 9:03 AM (Source: TeleTrader)
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Europe opens lower on lockdown fears

European equities traded lower at the start of the session on Monday as bank shares and the coronavirus were in focus. Several major banks have reportedly engaged in the transferring of large sums of illicit funds over a period of nearly two decades. HSBC, JPMorgan, Deutsche Bank, Standard Chartered and Bank of New York Mellon are among the banks implicated in the report.

Meanwhile, a number of European countries have been tackling a second wave of the coronavirus. The World Health Organization expects daily deaths from the coronavirus in Europe to climb in October and November, fueling concerns over a potential second lockdown on the continent.

The DAX fell 0.93% in the first moments of trading in Frankfurt as Deutsche Bank led the losses. The CAC 40 fell 0.61%; Unibail-Rodamco-Westfield plunged over 5% in Paris. The FTSE 100 dropped 1.08% with HSBC as the worst performer. The euro rose 0.17% against the dollar at 9:15 am CET, buying 1.18606. At the same time, the pound was up 0.21% versus the greenback, going for 1.29416.

Breaking the News / JC