Deutsche bank shares plummet to record levels – worse than 2008 crash

[The_King]

THE coronavirus outbreak has caused a crisis in German banking services with Deutsche Bank falling to huge lows.

Following the rise in coronavirus cases worldwide, share prices in Germany’s Deutsche Bank dropped close to four euros. In the early stages of market trading this morning, the prices in the bank fell to a low of €4.45. The low cost of the price would represent levels not even seen during the 2008 financial crisis.

At its lowest, the share price of the multinational bank dropped to €12.69 during the financial crisis in 2008.

At the time of writing, Deutsche Bank shares stood at just €4.96, as global markets feel the hit of the global pandemic.

 

 

The coronavirus also caused US stock market shares to plummet as the Dow Jones fell by 9.7 percent while the S&P fell by eight on Monday morning

Due to the drop on the Dow Jones - its lowest level in three years - trading was halted for 15 minutes this morning.

In order to help stabilise against the continued fall in trading, the Federal Reserve cut interest rates.

The US central bank said: “The coronavirus outbreak has harmed communities and disrupted economic activity in many countries.

“The Federal Reserve is prepared to use its full range of tools to support the flow of credit to households and businesses.”

In Germany, there are 6,672 cases with a further 14 deaths from the contagion at the time of writing. 

In order to try and stop the spread, Germany closed its borders to Austria, France and Switzerland on Monday morning.

The country’s foreign minister, Heiko Mass also advised members of the public against non-essential travel.

 

 

He said: “We currently advise against nonessential travel abroad.”

European Commission President, Ursula von der Leyen also proposed a possible 30-day travel ban on non-essential travel.

Although a travel ban would be in place, she also stated the need to keep internal borders in place.

She said today: “The less travel, the more we can contain the virus.

“Essential staff such as doctors, nurses, care workers, researchers and experts that help address the coronavirus should continue to be allowed in the EU.

“People transporting goods are exempted too. Why that?

 

 

“Because the flow of goods to the European Union must continue to secure the supply of goods, including essential items such as medicine, but also food and components that our factories need.”

 

 

https://www.express.co.uk/news/world/1255976/coronavirus-update-Germany-crisis-Deutsche-bank-drop-stock-market-crash-2008