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Confidence in European banks deteriorated further on Friday, with the cost of insuring against a debt default rising sharply as the profit outlook for the sector dimmed.
Their backing came as Deutsche Bank shares dropped more than 12% alongside a sharp jump in the cost of insuring its bonds against the risk of default. Shares in Germany's largest bank have lost a fifth of their value so far this month and the cost of its five-year credit default swaps (CDS) - a form of insurance for bondholders - jumped to a four-year high on Friday, based on data from S&P Market Intelligence.
Retail traders whose purchases have helped push the electric-vehicle maker’s stock up over 50 per cent in 2023 are pulling back.
Still, shares in Germany's largest bank have lost a fifth of their value so far this month and the cost of its five-year credit default swaps (CDS) - a form of insurance for bondholders - jumped to a four-year high on Friday, based on data from S&P Market Intelligence. Short sellers have made a profit of over $100 million on paper betting against Deutsche Bank stock over the last two weeks, financial data company Ortex said on Friday.
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero