European stock markets closed in the negative, OTP fell by more than 5 percent


Last night, the US Department of Justice initiated an investigation against Switzerland’s Credit Suisse and UBS, whether their executives helped rich Russian businessmen evade anti-Russian sanctions already in effect. And today, partly for this reason and partly because the price of Deutsche Bank’s insurance against bankruptcy risk continues to rise sharply: on Wednesday the price of the 5-year CDS closed at 142 bp, yesterday it jumped to 173 bp, on Friday and it is already around 210 bp according to intraday data from Markit, although it was still around 80 bp in the first days of March.

Deutsche Bank’s share price is down 8% on Friday morning, which drags down the results of other sector peers as well, and these concerns are now overshadowing the fact that otherwise all the French, German and Eurozone purchasing manager indices were better than expected in February, according to today’s data releases.


Source: Portfolio.hu – √úzlet by www.portfolio.hu.

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