German bank Deutsche Bank shares fall on Friday

[ad_1]

Downward movement happens after bank default swaps. This Friday (24th), Société Générale also falls by around 7.51%, while Commers Bank presents a devaluation of 2.40%. Statue in front of the Deutsche Bank logo in Frankfurt, Germany. Photo taken on December 13, 2019. Kai Pfaffenbach/Reuters Deutsche Bank shares fell about 10% on the morning of this Friday (24). The shares fell as much as 13% in the US futures market. The company’s shares are traded on the New York Stock Exchange. The downward movement comes after the bank’s default swaps, which protect against default, hit a four-year high. This movement indicates that investors are concerned about the situation of the banking sector. In addition, another point that surrounds the financial market is that European banks faced a week marked by difficulties, largely due to high interest rates worldwide and the failure of large financial institutions, such as Credit Suisse and Silicon Valley Bank. “Deutsche Bank has been in the spotlight for some time, similarly to Credit Suisse,” said Stuart Cole, chief macroeconomist at Equiti Capital. as concerns over the health of financial institutions continued, with news of a US investigation into Credit Suisse and UBS piling further pressure on equities. The pan-European STOXX 600 Index was down 0.9% by 0809 GMT, but a sharp rebound earlier this week has put it on course for weekly gains. Shares in Credit Suisse AG and UBS Group AG fell 6.4% and 6.3%, respectively, after Bloomberg News reported that they are among the banks under scrutiny in a US Department of Justice (DOJ) inquiry into whether financial professionals helped Russian oligarchs escape sanctions. Société Générale is also down around 7.51%, while Commers Bank is down 2.40% at around 8 am (Brasília time).

[ad_2]

Source link