The bearish comment by the Goldman analysts weighed on European stocks, with the benchmark FTSEurofirst 300 index down 0.43 percent at 1,172.99 points by 5:40 a.m. EDT Friday.

The analysts said they do not expect the mounting writedowns per se to trigger additional capital calls at this point. “Instead, we believe that regulatory pressures and a sharp turn in the European credit cycle are the two main causes for concern for bank investors.”

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