Deutsche Bank plummets as Italy crisis rocks global banks

Screen Shot 2018 05 29 at 11.17.09Markets Insider

  • Shares in Germany's biggest bank, Deutsche Bank, are plummeting on Tuesday morning as market turmoil surrounding the Italian political crisis spreads to the shares of global banks.
  • By around 11.20 a.m. BST (6.20 a.m. ET) Deutsche Bank's shares have fallen close to 5% on the day, dropping to a level not seen since autumn 2016, a period when there were genuine fears the bank was about to go under. Deutsche Bank's share price is at €9.87 ($11.46).
  • The main driver of Deutsche's falling share price is the news that Italy is likely to hold a fresh round of elections later in 2018, which has fueled speculation that the country could be moving towards an exit from the eurozone. This has triggered a major sell-off in markets, with Italian bonds in particular suffering.
  • Deutsche Bank is not the only bank impacted, with the Euro Stoxx banking index - which tracks Europe's major lenders - is down more than 4% on Tuesday.
  • You can follow Deutsche Bank's share price live on Markets Insider.

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