European shares stumble as banks, miners, Gemalto fall

European shares fell in early deals, extending losses from the previous session as basic resources stocks and banks came under pressure.

The pan-European STOXX 600 index was down 0.7 per cent at a one-week low as global markets were hit by worries that US President Donald Trump could struggle to deliver on his reflationary economic policies.

These doubts weighed on mining stocks, with the sector falling 1.5 per cent as the price of copper hit a two-week low, while banking shares also declined, with the sector down 1.5 per cent.

Dutch lender

ING Groep was among the biggest fallers, down around 3 per cent after disclosing a criminal probe which could result in significant fines.

ING was also joined by Austrian peer Raiffeisen Bank , which dropped 6.3 per cent.

Individual moves higher were relatively muted, though safe-haven precious metals miners Randgold Resources and Polymetal International were in demand.

The biggest individual faller was Gemalto, which plunged more than 22 per cent.

The Dutch digital security services firm plummeted after cutting its profit forecasts, blaming a weak US payments business.