Now down 8% the German stock is still reeling from the reveal that the US Department of Justice has hit the bank with a whopping €14 billion fine in relation to mis-selling mortgage-backed financial products. Not only that but the news is still haunting the financial sector as a whole, with Royal Bank of Scotland, which is under investigation by the DoJ for the very same issue, dropping more than 4%.
Understandably the DAX took the brunt of the macro-impact stemming from the Deutsche Bank fine, slipping by 0.7% to once again dip under 10400. The FTSE was less affected, but still dropped by 0.1% with little to suggest it would be able to significantly reverse its losses any time soon, especially with Brent Crude falling by more than 1%.
Looking ahead to the US open and the Dow Jones is set to join in with the morning decline, the futures suggesting a 60 point slide after the bell. That could change, however, dependent on the state of the US inflation reading; analysts are expecting the figure to rise to 0.1% from the 0.0% seen last month, something that might not please a rate-hike fearing Dow.
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