as German banks lose £14,292,610,000.00 in 90 DAYS
express.co.uk
EUROPE'S biggest economy was plunged into fresh chaos tonight amid warnings a new financial crisis in Germany could destroy the EU.
Shares in Germany's two biggest lenders - Deutsche Bank and Commerzbank - fell sharply again as panic gripped global markets. They have now seen their combined market value plummet by more than £14BILLION in the past three months.
Deutsche Bank shares fell by nearly four per cent to close at an all-time low amid turmoil not seen since the depths of the financial crisis in 2009.
Meanwhile shares in Commerzbank, Germany's second biggest lender, fell even further, by 4.65 per cent, to close at their lowest level in nearly two-and-a-half years.
Only last week Deutsche Bank posted record losses of £5.1 billion - higher than expected and enough to spark a fresh wave of desperate selling.
It came as shares plunged in another stock market rout on Tuesday which also wiped billions from the value of the UK's biggest banks.
Standard Charted closed down nearly six per cent, Barclays five per cent and Lloyds, HSBC and RBS all nearly four per cent.
Swiss bank UBS also slumped, falling nearly seven per cent, after reporting a surprise outflow of funds from its flagship wealth management business.
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Some are saying Deutsche Bank is the new "Lehman Bros. canary in the coal mine" for the coming MASSIVE correction…possibly in November, if historic trends hold true.
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Also see:
How Deutsche Bank's £35trillion of trades puts Europe in peril: Warnings that failure could bring global system crashing down
Trump says he 'got out' of stock market
money.cnn.com