12/27/2018, 4:50 PM (Source: TeleTrader)
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Deutsche Bank plunges as DAX eyes 29-month low

German shares traded at the weakest levels since November 2016 on Thursday as optimism faded regarding yesterday's surge in equity markets in New York. Investors fled to sovereign bonds and DAX index declined steadily throughout the session, testing a record low since early August of the said year. Ailing Deutsche Bank was one of the worst performers while regulators scrambled about its prospects, amid speculation in the media they are considering the possibility of a merger. Gold and silver, also safe haven assets like government bonds, benefited significantly from the latest burst of volatility.

The blue-chip index lost 3.09% to 10,304.79 points at 4.30 pm CET, led by Merck's decline of 4.91%. The country's biggest lender was down 4.46% at a record low €6.728 per share.

The FTSE 100 slumped 1.69% at 4.48 pm CET in London. Today it hit the lowest level since July 8, 2016. The French CAC 40 nosedived 1.11%, following a dip to the record low in almost 25 months.

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