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European stocks drop amid banking losses
European stocks declined noticeably, with bank shares falling to their lowest levels in over three months, amid rising oil prices and fears of escalating inflation that could negatively impact economic growth. The Stoxx 600 index dropped by 0.9%, and bank stocks decreased by approximately 2% as bond yields in the Eurozone rose. Oil prices also increased by over 3% due to tensions in the Middle East and the threat of a hurricane that could damage U.S. production. Meanwhile, investors are awaiting the European Central Bank's meeting minutes to follow the trajectory of monetary policy.
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