European stocks drop at open, London down 0.89%

European stock markets fell at the start of trading Monday, with London's benchmark FTSE 100 index down 0.89 percent to 5,651.49 points. Frankfurt's DAX 30 slipped 0.99 percent to 6,283.19 points and in Paris the CAC 40 dropped 1.37 percent to 3,302.78. Shares in Barclays Bank fell 2.20 pence or 1.09 percent to 199 pence adespite the British banking giant's announcement of a surge in pre-tax profits to £2.42 billion during the third quarter. Its sovereign debt exposure to Greece, Ireland, Italy, Portugal and Spain was reduced by 31 percent to £8.0 billion in the third quarter, helping offset a 15-percent drop in revenues at investment arm Barclays Capital. "Eurozone country exposures continue to be managed closely and valued appropriately," the bank said in an earnings statement.