European stocks fall on Italy's political turmoil

European stocks opened lower today, to head for the first loss in the last three days, as the Italian banking sector slumped, due to fears of the Italian political turmoil, especially after Deputy Prime Minister of Italy, Matteo Salvini, called for new general elections.

As of 08:57 GMT, Stoxx Europe 600 fell more than 0.7, after closing yesterday higher by 1.7%, its second daily gain in a row, on strong Chinese exports data.

The index fell in early trading today in the last session of the week, heading for its first loss in the last three sessions, with most of the major markets and sectors in Europe falling

Italy's banking sector topped the list of losing sectors in Europe, with most major banks falling by more than 5%, as market's sell-off accelerated on concerns about the political turmoil in country.

Italian Deputy Prime Minister and the Federal Secretary of the Northern League, Matteo Salvini, have called for early elections as soon as possible, declaring the collapse of the ruling coalition government.

The cause of the collapse is due to a dispute between the NL and the Five Star Movement, over a railway project.

S&P 500 futures fell more than 0.4%, while it closed yesterday higher by 1.9%, its third daily gain in a row.

In Europe, Euro Stocks 50 fell more than 0.8%, with France's CAC 40 falling by 0.7%, while in Germany the DAX shed 0.5%, and in London the FTSE 100 fell by 0.2%.