European Shares Extend Losses As Banks Tumble On Oil-driven Inflation Fears

(RTTNews) - European stocks traded lower on Tuesday as surging oil prices and elevated bond yields weighed on the banking sector. As inflation worries mount, investors awaited cues from this week's Fed, Bank of England and Bank of Japan policy meetings. The British pound extended losses from the previous session after the release of weak jobs report, with job vacancies falling to a four-year low and wage growth easing over the summer, according to data from the Office for National Statistics. The pan-European STOXX 600 dropped 0.7 percent to 631.45 after falling half a percent on Monday. The German DAX, France's CAC 40 and the U.K.'s FTSE 100 all were down around 0.8 percent.