U.S. equities finished sharply lower on Thursday amid reports hedge funds are pulling collateral out of troubled German financial titan Deutsche Bank AG (USA) (NYSE:DB) amid ongoing concerns about its balance sheet health as it struggles with a tepid European economy, Brexit costs and fresh regulatory fines here in the United States. Spiking the punch have been indications the German government is reluctant to get involved with state aid to the bank.
DB shares lost 6.7% as headlines filled up with stories eerily reminiscent of the 2008-2009 financial crisis — full of questions about counterparty risk, contagion, increased credit default swap prices and tightening interbank liquidity. As a result, the bank’s market cap dropped below beleaguered new-tech disappointment Twitter Inc (NYSE:TWTR). Which is sort of funny.
In the end, the Dow Jones Industrial Average lost 1.1%, the S&P 500 Index lost 0.9%, the Nasdaq Composite lost 0.9% and the Russell 2000 lost 1.4%. Treasury bonds were stronger on safe haven flows, the dollar was mixed, gold gained 0.2% to end its recent selloff and oil extended its OPEC-driven rally from Wednesday adding another 1.7% (despite early pushback from Iraqi oil officials on its production level).
Volatility surged higher as investors sought safe havens. That pushed the Velocity Shares 2x VIX (NASDAQ:TVIX) recommended to Edge subscribers earlier this week to a gain of 12.3%.
Small industries get a boost from Sharakah
Sharakah’s total investment in Small and Medium Enterprises (SMEs) rose by OMR27,000 to OMR807,000, despite the challenges the economy is facing due to the financial crisis, the chairman of the board
Oman share index recovers partial
Shares on the Muscat bourse recovered partially on Wednesday. The MSM30 Index ended the session on a positive note at 5,553.52 points, up by 0.19 per cent. The MSM Sharia Index gained 0.30 per cent t
Greece, EU-IMF lenders agree on major issues
Greece has agreed with its lenders on key labour reforms, spending cuts and energy issues, moving closer to clinching a deal before a meeting of eurozone finance ministers on April 7, sources close t
The volume of shares traded decreased to 11,553,885 from 15,697,
Batelco AGM approves $110.3m dividend
The annual general meeting (AGM) of Batelco Group, the Bahrain-based telecommunications group with operations across 14 countries, today approved a full year cash dividend of BD41.6 million ($110.3 m