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7 the previous month, suggesting Europe largest economy could

taking after ECB tests

PARIS/LONDON, Oct 27 (Reuters) European stocks dipped on Monday as investors seeing a key index of German business sentiment hit its lowest level in almost two years decided to book some of last week sharp gains.

Following an early rally, most euro zone banking stocks turned negative in late morning as traders took canada goose uk black friday profits off the table after the sector 14 percent surge since mid October in the run up to the results of the European Central uk canada goose outlet Bank sector review.

think it a case of the rumour and sell the fact said Terry Torrison, managing director at Monaco based canada goose coats on sale McLaren Securities.

had a decent run up ahead of the stress test results, but everyone was jumping on the bandwagon and ramping things up this morning without any clear reason, given that the results of the canada goose store stress test were in line with market expectations.

Among the top gainers, shares canadian goose jacket in Germany Commerzbank gained 1.3 percent while Austria Erste Group Bank added 4.9 percent. Both lenders passed the tests.

Overall, the STOXX euro zone bank index was down 1.6 percent around midday on Monday, trimming sharp gains made in canada goose the past 10 days. Spain BBVA, France Societe Generale and Germany Deutsche Bank which all canada goose clearance passed the tests were down 0.6 2.1 percent.

Shares in Italy Monte dei Paschi slumped 20 percent after the ECB review found it had Canada Goose Online the biggest capital hole to fill among European banks.

Overall, the results of the tests were seen as positive by traders and fund managers.

good sign was that a big part of uk canada goose the required capital was already raised, said Francois Savary, chief investment officer canada goose factory sale at Swiss bank Reyl.

potential surprise was that Canada Goose Jackets no canada goose clearance sale major Spanish bank failed, which is further proof that Spain is on the right path. All in canada goose uk shop all, a positive development.

At 1128 GMT, the Canada Goose Parka FTSEurofirst 300 index of top European shares was down 0.2 cheap Canada Goose percent at 1,309.87 points. The index chalked up gains of 2.5 percent last week, recording its best weekly gain since buy canada goose jacket cheap December 2013.

Hurting sentiment on Monday, the Munich canada goose coats based Ifo think tank business buy canada goose jacket climate index, based on a monthly Canada Goose Coats On Sale survey of some 7,000 firms, fell to 103.2 from 104.7 the previous month, suggesting Europe largest economy could be in for a bumpy ride in the fourth quarter.

Around Europe, UK FTSE 100 cheap canada goose uk index was down 0.2 percent, Germany DAX index down 0.4 percent and Canada Goose sale France CAC 40 down 0.3 percent.

Shares in TNT Express Canada Goose Outlet sank 7 percent after the Dutch logistics company issued a fresh alert over the impact of fierce competition and weak growth in its core markets.

Air France KLM fell 4.2 percent, hurt by a downbeat canada goose uk outlet note from Morgan Stanley which trims its earnings forecast and Canada Goose online share price target for the airline. Also adding to pressure cheap Canada Goose Coats on canada goose black friday sale the stock, Dutch newspaper De Telegraaf said deep cost cuts at Air France KLM were needed.