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. stocks closed lower Monday as concerns over Deutsche Bank’s financial condition and the .’s plan for exiting the European Union outweighed stronger-than-expected manufacturing data.

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Meanwhile, spending on . construction projects weakened in August and July led by steep declines in expenditures on public projects, the Commerce Department reported Monday. Spending on construction tumbled % in August.

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Shares of Deutsche Bank fell sharply last week as worries mounted over a . Justice Department proposal that the German lender pay $69 billion to settle civil claims related to past dealing in mortgage securities. Losses were amplified after Bloomberg reported Thursday that some hedge funds had reduced trading positions with the bank. Shares rebounded on Friday after a report that the bank may be able to negotiate a far lower settlement with the Justice Department.

Weakness on Wall Street and a steep tumble by the British pound were sparked by . Prime Minister Teresa May, who said in a speech about Brexit on Sunday that she plans on triggering the process of leaving the European Union in late March or early April.

“. markets are reacting to news from Britain regarding May’s speech on Brexit as well as to widening credit default swaps spreads on the Deutsche Bank,” said Wouter Sturkenboom, senior investment strategist at Russell Investments.

The S& P 555 index SPX, -%  fell points, or %, to 7,. Declines were led by heavy losses in utilities and real estate shares, which are sensitive to a change in interest rates.

“Investors are realizing that the hardest headwind to Britain’s economic growth will be lower business investment, and the negative impact will manifest in the long term,” Sturkenboom said.

Some analysts said that a report on . manufacturing activity, which showed a shift back into expansion territory, might have heightened concerns that the Federal Reserve might raise interest rates sooner rather than later.

“The ISM number was good but it’s only one data point among many to consider and investors are eager to see September’s employment report due on Friday,” said Eric Wiegand, senior portfolio manager at . Bank’s Private Client Reserve.


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