European stocks traded lower across the board Monday as bank stocks suffered but the U.S. dollar looks set to resume its rally and oil prices remain active.
Britain's FTSE 100 dipped 38 points by 11:30 GMT, falling 0.6% to 6,798 points as oil and financial stocks held down gains. Germany's DAX performance index fell 88 points, or 0.8% while France's CAC-40 slid 0.7% to trade at 4,515 points.
One of the early movers of note in Europe were shares of Aberdeen Asset Management, Europe's third biggest fund, which rose more than 4% at the bell to 297 pence each despite reporting a full-year drop in profit as client outflows slowed. Investors pared gains in the stock to 2.3% by 11:30 GMT.
Bank stocks in Italy fell sharply as traders reduced holdings ahead of a key national referendum on constitutional reform that could topple the government and spark major changes for Europe's third-largest economy.
Monte Dei Paschi di Siena (BMDPY) , the country's third largest lender, fell more than 7.5% in the opening half hour of trading before having its shares suspended from trading in Milan. Shares in Unicredit, Italy's biggest lender, fell 3.96% to €1.89 each, extending the year-to-date decline to 65%. The bank is hoping to raise as much as €13 billion next year in order to shore up its finances and offset bad debts on its balance sheet.
The FTSE Italy Banks index, the broadest measure of share performance for the country's lenders, was down 3.45% by 09:30 CET in Milan while the FTSE MIB index fell 245 points, or 1.5%.