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European stocks closed lower on Monday, as investor sentiment was curbed by a report suggesting the German government had ruled out offering Deutsche Bank assistance in its negotiations with the U.S. Department of Justice.
The pan-European Stoxx 600 index ended around 1.5 percent lower, with all sectors and major bourses in negative territory.
Asian stocks declined overnight and U.S. stocks fell in early trade, with investors cautious as major oil-producing countries meeting in Algeria and the U.S. hosts its first televised debate between the two presidential candidates.
Deutsche Bank stock continued its slide lower, hitting a record low on Monday. Shares closed lower by around 7.5 percent, following media reports suggesting the German government had ruled out any state aid for the bank.
A spokesperson for the bank said that reports of state aid were "just speculation" adding that the bank strongly intends to solve its problems by itself.
Deutsche's poor performance hit the DAX, with German stocks little revived by the Ifo institute reporting that German business morale had risen to a more-than-two-year high.
Meanwhile, European energy stocks pared some losses on Monday, as gains in crude prices accelerated. Brent and light crude futures for November traded well over 3 percent higher on the day on speculation that a OPEC production freeze could be agreed on the sidelines of this week's International Energy Forum in Algeria.
Algeria's energy minister has said that OPEC oil ministers will "not come out empty-handed" from the meeting, but analysts remain skeptical.
In stocks news, Lanxess shares closed 8.1 percent higher, at the top of the STOXX 600, after it announced it would buy chemicals company Chemtura Corp.
Swiss-Irish food group Aryzta saw shares close almost 2 percent lower after reporting a fall in underlying net profit.