We begin with the Eurozone where the Deutsche Bank (DB) boogeyman is back. The market was shaken by the news (somewhat reminiscent of Bear Stearns in early 2008) that several large clients started reducing credit exposure to the bank.
Source: Bloomberg; Read full article
Deutsche shares sold off sharply in US trading.
Moreover, the implied volatility on US-listed DB shares spiked to multi-year highs.
The US stock market got pummelled in response to the news on Deutsche. Markets in Japan and HK are lower as well.
1. In other Eurozone developments, the currency bloc’s economic and business sentiment surprised to the upside.
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