asian european markets sink on deutsche bank woes
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Asian, European markets sink on Deutsche Bank woes

Asian, European markets sink on Deutsche Bank woes

Arab Today, arab today

Arab Today, arab today Asian, European markets sink on Deutsche Bank woes

Deutsche Bank stocks plunged almost 7%
Hong Kong - Arab Today

Asian and European markets tumbled Friday, tracking a sell-off in New York as worries about the future of German banking giant Deutsche Bank hammered financial stocks.

A Bloomberg report that several hedge funds had withdrawn their investments in the lender over worries about its viability after US authorities slapped it with a $14 billion penalty over its sale of mortgage-backed securities prior to the 2008 financial crisis.

There are fears the fine could batter the already fragile firm, fuelling talk that it would become another Lehman Brothers, the Wall Street titan whose downfall precipitated the global downturn six years ago.

AFP sources knowledgeable of the situation confirmed 10 funds had pulled funds out, but the bank said the report gave an overly negative view of the situation, noting it still had some 800 funds as customers who understand its "stable financial position".

Deutsche Bank collapsed almost nine percent Friday in Frankfurt -- falling below 10 euros for the first time -- after plunging almost seven percent in New York.

The losses were reflected in Asia, with Japan's Mitsubishi UFJ Financial Group diving more than two percent and HSBC down 1.7 percent in Hong Kong. Sydney-listed Commonwealth Bank sank 1.5 percent and Westpac lost 1.4 percent.

"Deutsche certainly weighs on sentiment, and the declines are concerning," James Woods, a strategist at Rivkin Securities in Sydney, told Bloomberg News. 

"Being named the number one bank for global systemic risk, it’s entwined with everyone."

- Unease spreads -

The sell-off dragged broader markets down, a day after an oil-fuelled rally following OPEC's surprise announcement that it would cut production.

Tokyo ended down 1.5 percent, while Hong Kong was 1.9 percent off, Sydney fell 0.7 percent and Seoul lost 1.2 percent. Singapore tumbled more than one percent and there where sharp losses in Taipei and Manila.

However, Shanghai rose 0.2 percent ahead of a week-long national holiday.

In early European trade Frankfurt tumbled 1.8 percent, London sank 1.4 percent, Paris lost more than two percent.

The losses followed falls on Wall Street, where traders ran for cover as they brushed off data showing US second-quarter economic growth figures beat forecasts.

The unease spread into currency markets, with high-yielding -- riskier -- units fell against the dollar as dealers looked for safety.

South Korea's won fell 0.2 percent, the Indonesian rupiah lost 0.3 percent and the Australian dollar slipped 0.6 percent.

The greenback, however, sank to 100.91 yen from 101.04 yen in New York and well off the levels above 101.50 yen seen earlier Thursday in Asia.

On oil markets both main contracts fell as the euphoria over Wednesday's shock agreement by OPEC to reduce production faded.

West Texas Intermediate fell 0.9 percent and Brent was off more than one percent.

- Key figures at 0800 GMT -

Tokyo - Nikkei 225: DOWN 1.5 percent at 16,449.84 (close) 

Hong Kong - Hang Seng: DOWN 1.9 percent at 23,297.15 (close)

Shanghai - Composite: UP 0.2 percent at 3,004.70 (close)

London - FTSE 100: DOWN 1.4 percent at 6,822.89

Euro/dollar: DOWN at $1.1215 from $1.1223 late Thursday

Dollar/yen: DOWN at 100.91 yen from 101.04 yen

Pound/dollar: UP at $1.2970 from $1.2968

New York - DOW: DOWN 1.1 percent to 18,143.45

Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

asian european markets sink on deutsche bank woes asian european markets sink on deutsche bank woes

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

asian european markets sink on deutsche bank woes asian european markets sink on deutsche bank woes

 



GMT 10:59 2018 Friday ,07 December

Houthi militia shell commercial center in Hodeidah

GMT 21:12 2017 Sunday ,10 December

UAE, Sri Lanka advancing bilateral relations

GMT 19:21 2017 Wednesday ,08 November

Iqbal Day marked in Paris

GMT 18:14 2017 Wednesday ,31 May

A handbag? For $380k, it's yours

GMT 21:17 2017 Saturday ,21 October

EU summit to throw Britain a Brexit bone

GMT 15:45 2017 Friday ,04 August

Yemeni army liberated more areas in Shabwa

GMT 20:23 2017 Thursday ,14 September

Paul Auster tops shortlist for Man Booker prize

GMT 09:55 2017 Tuesday ,14 November

Horford leads way as Celtics win 12th straight

GMT 20:04 2018 Sunday ,02 September

Drive to teach food safety to housewives

GMT 08:54 2014 Monday ,17 November

German artist hits back at Bayreuth Festival

GMT 13:15 2018 Wednesday ,17 January

Bassil welcomes Ambassadors of Iraq, Hungary

GMT 01:05 2017 Thursday ,23 March

Strawberry prices fall to Dh10 a kilogram
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday