Europe stocks lower ahead of OPEC; Deutsche Bank shares slide 4%

European stocks inched lower in morning trade on Monday as investors trod cautiously ahead of an OPEC producers meeting in Algeria this week.

Deutsche Bank stock also continued its slide lower, hitting a record low on Monday. Shares fell 4 percent, following a report in the German magazine Focus that the country’s government had ruled out any state aid for the bank.

The pan-European Euro Stoxx 600 Index was lower with all sectors and major bourses in negative territory. Oil and gas stocks were the worst performer despite a rise in oil prices on Monday morning. OPEC producers are set to informally meet on the sidelines of the International Energy Forum in Algeria, to discuss a possible production freeze deal. The informal meeting will take place between Monday and Wednesday.

Algeria’s energy minister said that OPEC oil ministers will “not come out empty-handed” from the meeting but analysts remain skeptical of any agreement.

Draghi to speak

Meanwhile, investors are looking ahead to the first U.S. presidential debate later Monday. U.S. presidential nominees Hillary Clinton and Donald Trump are set to go head-to-head in their first debate at Hofstra University in New York state.

In Italy, Prime Minister Matteo Renzi’s government is expected to announce today the final date for the referendum on constitutional reform. Germany’s Ifo institute releases its latest survey on the country’s business climate on Monday and Mario Draghi, the president of the European Central Bank, is due to speak at the European Parliament on Monday afternoon.

Deutsche Bank slides

In stocks news, Lanxess shares rose 5.5 percent in early deals after it announced it would buy chemicals company Chemtura Corp.

Swiss-Irish food group Aryzta saw shares slip 3.5 percent after reporting a fall in underlying net profit.

Source: CNBC