Fortis dropped the most in more than a month after UBS AG recommended selling the shares because of possible credit losses at the Belgian lender. Barclays Plc fell to a two-year low on speculation it approached the Bank of England for emergency funding.
``It certainly doesn't seem that the banks are particularly realistic,'' said Colin McLean, managing director of SVM Asset Management in Edinburgh, who oversees about $1 billion. ``All we get from time to time is some reassuring words and closing of positions and that has given the illusion of a turning point.''
The Dow Jones Stoxx 600 Index fell 0.7 percent to 379.92, giving a loss of 1 percent for this week. The Stoxx 600 Banks Index, the region's worst-performing industry group this year, dropped to a six-week low.
The risk of owning European corporate bonds rose, according to traders of credit-default swaps. European government bonds increased for a second day as investors sought the safety of debt amid a slump in stock markets.
Stocks pared some losses after a U.S. report showed employment in the world's largest economy rose more than forecast in October. Payrolls last month climbed by 166,000 after a 96,000 increase in September, the Labor Department said. Economists surveyed by Bloomberg News had estimated an increase of 85,000.
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