European stocks open lower led by financials

European stocks fell sharply in early trade on Friday, with banks hit hard by persistent uncertainty about the U.S. government's $700 billion financial sector rescue plan and the collapse of Washington Mutual.
At 0715 GMT, the FTSEurofirst 300 index of top European shares was down 1.8 percent at 1,105.72 points, with banks the leading losers.
Royal Bank of Scotland dropped 4.2 percent, Swiss UBS fell 3.5 percent and Dutch ING lost 3.2 percent.
Insurers were also weak, with French AXA falling 3.1 percent.
Energy shares slumped as the crude oil price fell more than 1.5 percent towards $106 a barrel. BP was down 1.7 percent, Royal Dutch Shell dipped 1.4 percent and Total traded 1.5 percent lower.
Talks on the $700 billion bailout plan for the U.S. financial system fell into chaos on Thursday, and U.S. authorities closed Washington Mutual and sold its assets in America's biggest ever bank failure.