Aug
02
Europe’s Tumbling Lenders Lose Almost Half Their Value in a Year
By-
Deutsche Bank, Commerzbank retreat to fresh record lows
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Analysts estimate bank earnings will shrink 18% in 2016
Europe’s banking shares are back in the limelight for all the wrong reasons.
On Tuesday, the second day of trading since stress tests showed almost all euro-area lenders would have sufficient capital to cope with a crisis, Germany’s Commerzbank AG and Deutsche Bank AG tumbled to fresh record lows, dragging a Stoxx Europe 600 Index gauge of their peers towards its biggest two-day loss in almost four weeks.
“I don’t want to say it, but it’s Armageddon for the banks,” if the index drops any further, said Joe Tracy, head of continental European equities at Svenska Handelsbanken AB in Stockholm…
Europe’s Tumbling Lenders Lose Almost Half Their Value in a Year
