Deutsche Bank plummets as Italy crisis rocks global banks

Markets Insider
  • Shares in Germany’s biggest bank, Deutsche Bank, were plummeting Tuesday morning as market turmoil surrounding the Italian political crisis spread to the shares of global banks.
  • By about 11:20 a.m. BST (6:20 a.m. ET), Deutsche Bank’s shares had fallen by close to 5% on the day, dropping to a level not seen since autumn 2016, a period when there were genuine fears the bank was about to go under. Deutsche Bank’s share price is at €9.87 ($US11.46).
  • The main driver of Deutsche’s falling share price is the news that Italy is likely to hold a fresh round of elections later in 2018, which has fuelled speculation that the country could be moving toward an exit from the eurozone. This has triggered a major sell-off in markets, with Italian bonds in particular suffering.
  • Deutsche Bank is not the only bank affected, with the Euro Stoxx banking index – which tracks Europe’s major lenders – down more than 4% on Tuesday.
  • You can follow Deutsche Bank’s share price live on Markets Insider.

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