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Europe Markets: European stocks pull back from 2016 high, with banks losing ground

European stocks slipped Wednesday, but hovered around their highest level of the year, with investors assessing developments surrounding embattled Italian lender Banca Monte dei Paschi, as well fines against some European lenders by a Swiss regulator.

The Stoxx Europe 600 index SXXP, -0.34% gave up 0.2% to 360.75 as the financial, utility and basic material sectors declined. But tech, telecom, oil and gas and health care shares moved higher.

The index on Tuesday rose 0.5% to 361.32, closing at its highest level since December last year. That push came with help from Italian banks on news the Italian government was preparing a bailout package for struggling lenders.

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