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Airlines and banks pull down European shares

 Airlines and banks pull down European shares
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European stocks ended Monday down 1%. Banks retreated on concerns over credit ratings at major US mortgage lenders. In addition crude oil rose which revived inflation worries.

Airlines fell following a sharp drop in profit by Ryanair. The low-cost airline’s shares tumbled 22% after it announced net income – excluding writedowns – was 85% lower.

However mining shares were buoyant, helped by gains in metal prices, while energy stocks rose ahead of key quarterly results in the sector expected this week and as oil recovered from its recent sharp drop.