Deutsche Bank shares dropped more than 13% on Friday morning as worries about the stability of European banks persisted. This came after a spike in credit default swap prices on Thursday night.
The shares of the German lender fell for a third day in a row, losing more than a fifth of their value this month. Investors were concerned about a contagion effect following the emergency rescue of Credit Suisse by UBS following the failure of the U.S.-based Silicon Valley Bank. On Wednesday, the U.S. Federal Reserve tightened monetary policy even more, adding to investor anxiety.
Regulators and central banks in Switzerland and around the world had hoped that brokering the sale of Credit Suisse to its domestic rival would help to calm the markets, but it is obvious that investors are still not convinced that the deal will be sufficient to contain the stress in the banking sector.
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