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Deutsche Bank fears rattle stock markets as shares slide again – business live

Discussion in 'Market News' started by Lily, Sep 30, 2016.

  1. Lily

    Lily Forum Member

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    Reports that 10 hedge funds have cut their exposure to Deutsche Bank are worrying investors

    7.57am BST

    Worries over Deutsche Bank rippled through Asia’s stock markets overnight.

    The Japanese Nikkei dropped by 1.5%, as investors digested the news that 10 hedge funds (out of 200) had cut their exposure to Deutsche.

    While these firms represent a fairly small part of the banks clients, as a weather vane in the current febrile environment, it doesn’t exactly represent a vote of confidence either, and sent the US listed shares of the bank to a record low.

    7.42am BST

    Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

    Deutsche Bank called 6% lower in pre-market

    Eurostoxx 50 futures down -1.5% in early European trading https://t.co/ZChOMeISVO

    The report forced the chairman of Deutsche’s hedge fund business, Barry Bausano, to take to the airwaves to reassure the market. He told CNBC that Deutsche, its prime brokerage division, which services hedge funds, was “still very profitable” but said there was “no question we have a perception issue”.

    Deutsche, which has had been quick to deny reports it needed help from the German government, released a statement on Thursday to reassure investors that the majority of its clients were sticking with the bank.

    Related: Deutsche Bank's share price approaches 30-year low

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