Les dépêches, les banques, toujours les banques et surtout les italiennes

Les banques, toujours les Banques !

Europe’s largest banks slumped, with Deutsche Bank AG and Credit Suisse Group AG hitting new lows, after the Federal Reserve’s decision to scale back its interest-rate outlook partly because of risks tied to Brexit, fueled concerns about Europe’s economic outlook.

“The trajectory of European banks is really worrying,” said Lorne Baring, a fund manager who helps oversee $500 million at B Capital in Geneva. “If banks are a main indicator of the health of a region, it gives you another reason to think ‘what the hell is going on in Europe?”’

Deutsche Bank, Europe’s largest investment bank, dropped 3.5 percent to 12.83 euros at 2:27 p.m. in Frankfurt after hitting the lowest since at least 1992, when Bloomberg first started compiling data. Credit Suisse slumped as much as 5.3 percent, bringing losses this year to about 48 percent.

The 39-member Bloomberg Europe Banks and Financial Services Index fell 2 percent, with Spanish and Italian banks among the worst performers.

[Bloomberg] Stocks Slide as Central Banks Fail to Reassure; Yen, Gold Climb

[Bloomberg] Europe’s Largest Banks Slump to Record on Brexit Concerns

[Reuters] Asia stocks down, yen surges after BOJ refrains from offering more stimulus

[Reuters] BOJ holds policy steady; cuts view on CPI

[Bloomberg] Global Bonds Entering New Abnormal as Japan Leads Yield Meltdown

[Bloomberg] Gold Tops $1,300 as Fed Rate View Gives New Strength to Bulls

[Bloomberg] Brexit Battle Gets Bitter With Polls Showing ‘Leave’ Holds Lead

[Reuters] Brexit darkens cloud hanging over European banks

[Reuters] Brexit would make all of Europe seem less reliable: German minister

[Bloomberg] Global Central Banks Sound Brexit Alarm as ‘Leave’ Jitters Grow

[Reuters] U.S. current account deficit rises to seven-year high in first quarter