Friday, 30 September 2016

Markets mixed amid concern over Deutsche Bank

Markets were mixed on Thursday.

US stocks fell, with the S&P 500 declinig 0.9 percent, but the STOXX Europe 600 was flat after being up earlier in the session.

Oil rose, with West Texas Intermediate oil rising 1.7 percent.

Stocks were hit after Bloomberg News reported that about 10 hedge funds that do business with Deutsche Bank have moved to reduce their financial exposure.

“The Deutsche Bank situation is major,” said Timothy Ghriskey, chief investment officer at Solaris Asset Management.

Ed Al-Hussainy, senior global interest-rate analyst at Columbia Threadneedle Investments, said that Deutsche Bank’s solvency is not a critical risk yet, but “if it does start to happen, it happens pretty quickly”.

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