Critical information before the U.S. market’s open
by Victor Reklaitis
It’s looking nicht so gut on this quarter’s last day, as Deutsche Bank’s woes keep weighing heavily on markets around the world.
“What must be understood here is that Deutsche Bank is the main clearing house for trades in Europe,” stresses Panmure Gordon’s David Buik. He adds that German officials are “totally incapable of even understanding how to deal with this crisis.”
Circling the wagons, the German bank DBK, -1.20% DB, -6.67% says it has “a perception issue” (ya think?), and CEO John Cryan is complaining about “unjustified concerns.”
That’s as Deutsche Bank clients flee and its Frankfurt-listed shares briefly undercut the 10-euro level this morning. At this rate, the famously aggressive bank easily could end up meeting the definition of a pfennig stock.