European stocks mixed as cautious reigns; Deutsche Bank shares fall

European stock markets were mixed in early trade on Monday as investors remained cautious following a weak U.S. jobs report on Friday and falling oil prices.

The pan-European STOXX 600 was down 0.12 percent with sectors pointing in different directions.

In Asia, stock markets were mixed on Monday, with falling crude oil prices weighing on Australian oil majors’ shares. Markets in Hong Kong, Japan and Taiwan were shut for public holidays.

Oil prices fell in early trading on Monday over doubts that an OPEC-led plan to cut output to rein in global oversupply would be supported by other producers, including Russia, Reuters reported.

Deutsche Bank under pressure

Deutsche Bank was trading over 3 percent lower on reports that the embattled German lender has yet to achieve a settlement deal with the U.S. Department of Justice over allegations it mis-sold mortgage-backed securities.

The broader banking sector was lower as well. Italy’s Unicredit was lower despite reports that a number of banks have been invited to submit offers for its online broker FinecoBank.

Lloyds Banking Group shares were in negative territory after Citigroup cut its price target for the stock.

William Hill, Amaya in merger talks

Meanwhile, WIlliam Hill shares rallied confirmed that it is in merger talks with Canada’s Amaya.

Rolls-Royce shares were in positive territory after JPMorgan raised its price target for the British engineering firm.

Market focus was also on the U.S. on Monday, following the second televised TV debate between Democratic presidential candidate Hillary Clinton and Republican candidate Donald Trump. Most commentators and analysts believed no clear winner emerged from the debate on Sunday night, however.

In other business news, Samsung Electronics reportedly suspended production of its Galaxy Note 7 smartphones following new reports of fires in replacement devices, South Korean media as said. The new fire reports represent a further setback for the tech giant as it tries to manage its worst-ever phone recall.

Source: CNBC

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