Deutsche Bank fine compounds miserable week for Europe

September 16, 2016 8:58 AM

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Deutsche Bank fine compounds miserable week for Europe

A monster fine for Deutsche Bank compounded a miserable week for European stocks on Friday, while bonds bounced as weak US retail sales figures triggered a pullback in Federal Reserve rate hike expectations.

News overnight that the US Department of Justice had levied a far bigger than expected $14 billion fine on Germany’s largest bank sent financial stocks across Europe tumbling amid worries others could also be clobbered.

Also read: ECB relaxes rule of bond lending to avoid repo squeeze

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