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Deutsche Bank under pressure as shares slide 13%

Banking system concerns persist..
Germany's biggest bank holds $1.4T in assets and recorded $6B in profit last year. Its colossal size sees it as one of Europe's most influential lenders, as-well-as being one of the most important banks in the world. It also facilitates 9% (3rd most) of global currency transactions. So seeing it lose more than a 5th of its value this month and 13% this morning alone, is a huge worry..

Since the dramatic collapse of SVB and the emergency rescue of Credit Suisse by UBS last week, contagion concern has well and truly been triggered. Stability of European banks is being persisted ans the latest round of central bank interest rate hikes have not helped.

Global risk sentiment has obviously turned negative from the news which has seen the safe-haven currencies turn positive (namely USD/JPY). The Euro has of course weakened across the board and the ECB will likely have to come out and speak on the matter sooner rather than later. 

Not helping banking issues is a report from Bloomberg this morning suggesting that the US Government have sent out subpoenas to Credit Suisse & UBS. This is following an investigation that financial professionals have helped Russian oligarchs evade sanctioning.

Finally, BoE Governor Bailey has spoken to BBC Radio 4 this morning warning that 'if businesses continue to raise prices to beat inflation, inflation will get higher' and the "least well off' will be hit hardest..