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A balcony above a trading floor inside the Euronext NV stock exchange in Paris, France, on Monday, March 13, 2023.

LONDON — European stocks were slightly lower Wednesday, paring gains from the previous session on the back of Chinese stimulus measures.

The pan-European Stoxx 600 traded around 0.1% lower at around 8:30 a.m. London time, with most sectors and major bourses in negative territory.

Europe's banking index was among those to lead losses, down almost 0.8% as market participants closely monitored UniCredit's swoop for Commerzbank, Germany's second-largest lender.

Milan-based UniCredit announced on Monday that it had increased its stake in Commerzbank to around 21% and submitted a request to boost that holding to up to 29.9%. It follows UniCredit's move to take a 9% stake in Commerzbank earlier this month.

Shares of Commerzbank, which announced Wednesday that Bettina Orlopp will take over as chief executive officer in the near future, dipped 0.3% during morning deals.

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