In a bid to restore calm, following a catastrophic drop in value, Germany’s largest bank denied seeking help from Berlin after claims it sought aid from the German government and needed to raise additional funds from investors. German Chancellor Angela Merkel said the German people would not bailout the Bank and that it had the funds to deal with the gap in dirivitives.
But European stocks failed to rebound this morning as weak sentiment towards the banking sector saw the bank’s shares hit a fresh record low. Investors remain unconvinced, as another day of sell-offs took Deutsche’s stock price down another three per cent today, after already plunging more than seven per cent on Monday. The panic surrounding Deutsche’s position continues to seep across Europe’s banking sector, pulling down stocks in the bloc’s biggest players, with Germany’s top stock market the DAX down by almost one per cent mid-morning. READ MORE