Deutsche Bank’s stock is poised to drop for a third consecutive day as concerns abound over the stability of European banks.
Dow futures fell to more than 270 points before the opening bell on Friday while the S&P 500 and the Nasdaq were also poised for a retreat on Wall Street.
As of Friday morning, the bank’s CDS surged again to more than 200 basis points, according to data from S&P Market Intelligence.Deutsche Bank’s woes have cast a pall over the entire banking sector.REUTERS PacWest, another regional lender that has seen its stock price dip, was down more than 8% before Friday’s opening bell.
“It has gone through various restructurings and changes of leadership in attempts to get it back on a solid footing but so far none of these efforts appear to have really worked.”The global banking system was rocked by UBS’s emergency acquisition of Credit Suisse.The lender’s 7.5% Additional Tier-1 dollar bonds fell nearly 3 cents to 72.868 cents on the dollar, pushing the yield up to 24%.
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