* STOXX down 0.2 pct after hitting 15 month high last week
* Oil stocks lead sectoral fallers as crude prices slip
* Deutsche Bank biggest bank faller as cash call nears
* UBS falls after news of trial in French tax case
* Mood dampened by G20 decision to drop free trade pledge
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By Danilo Masoni and Helen Reid
LONDON/MILAN, March 20 European shares retreated
slightly from 15-month highs on Monday with lower crude prices
weighing on oil stocks and Deutsche Bank dragging
banks lower one day before the start of its 8 billion-euro cash
The pan-European STOXX 600 index ended 0.2 percent
lower, after hitting its highest level since December 2015 last
week in a rally driven by better economic data, good company
earnings and merger and acquisition activity.
But caution prevailed on Monday after the leaders of the
world's biggest economies dropped a pledge to keep global trade
free and open, acquiescing to an increasingly protectionist
United States after a two-day meeting failed to yield a
The oil and gas index was the biggest sectoral
loser, down 1.1 percent, as crude prices fell on rising U.S.
drilling activity and steady supplies from OPEC countries.
The biggest drags on the index were Britain's Tullow Oil
, and oil majors Total, Royal Dutch Shell
and Statoil, which fell between 0.7 and 2.4
Banks were also under pressure, down 0.6 percent.
Deutsche Bank fell 3.7 percent after the German
lender disclosed terms of its 8 billion euro cash call, its
fourth capital increase since 2010. The recapitalisation, aimed
at funding a strategy overhaul, will start on Tuesday.
German luxury group Hugo Boss was the top
European faller, down 4.7 percent after GBL, the holding company
of Belgium's richest man, Albert Frere, released full-year
results on Friday with no holding in the firm - dashing rumours
of a stake that had boosted the stock last month.
Elsewhere, Vodafone shares closed down 0.4 percent
after news that Vodafone and India's Idea Cellular had agreed to
merge their Indian operations.
"Shares are virtually unmoved on the announcement ... as
investors wait for what's expected to be a fairly downbeat set
of annual results in May," said Neil Wilson, senior market
analyst at ETX Capital.
Top gainer in Europe was the frozen baked goods maker Aryzta
, up 5.1 percent after Berenberg upgraded its rating on
the stock to 'buy', saying the company's change of senior
management and review of its holding in French frozen food
retailer Picard were signs it was turning a corner.
Aryzta lost two-thirds of its market value in late January
when it issued a profit warning.
Ingenico rose as much as 4.5 percent before
turning lower by 3.1 percent, in heavy volume, after Atos
formally denied a report it was preparing an offer for
the French payments company.
(Editing by Catherine Evans and Susan Thomas)