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According to Reuters, the pan-European FTSEurofirst 300 was down 0.1 per cent, with banks one of the biggest drags on the index.
At 08:20 GMT, the market was down to 1,013.91 points, due partially to a 4.7 per cent decline for Societe Generale.
Investors were left disappointed by fourth-quarter financial results from the French bank, which had already revised its forecasts downwards earlier in the year.
In the mining sector, Rio Tinto, Xstrata, Anglo American, BHP Billiton and Antofagasta dropped by as much as 1.3 per cent.
Sliding metals prices were responsible, as, according to Bloomberg, the values of gold, sliver and copper have all dipped so far today.
Industrial engineering businesses gave some traders reason to be optimistic, with ABB, the Swiss group, rising 3.6 per cent after it said in its fourth-quarter results that it intends to reduce its costs.
Posted by Chris Weaver
