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European banks head into another weekend of uncertainty as default risks surge

Published 03/24/2023, 02:30 PM
Updated 03/24/2023, 04:00 PM
DBKGn
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European banks are going into the weekend with renewed fears surrounding their future, as shares of Deutsche Bank (ETR:DBKGn) plunged over 7% on the New York Stock Exchange on March 24, after a down day on Frankfurt's markets.

Deutsche Bank shares were impacted by an increase in the cost of insuring against its potential default risk. The German bank's five-year credit default swaps, known as CDS, climbed 19 basis points (bps) from the previous day, closing at 222 bps, according to Reuters, which cited S&P Global Market Intelligence data. On March 23, the bank's CDS rose to 173 bps from 142 bps the previous day.

Deutsche Bank's credit default swaps have soared. Source: MacroVar

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