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European Stock in the red, Deutsche Bank falls to record lows

By Jeff Davies

European stocks extended losses on Friday and Deutsche Bank dropped to the weakest level ever, as prosecutors continued to go through its documents.

German federal police raided the struggling lender yesterday in search for evidence as part of an investigation into money laundering practices which authorities said were registered in the so-called Panama Papers.

The bank tumbled 3.31% to €8.025 per share at 09:32 am GMT, landing at the bottom of the chart within the DAX index, which was down 0.61%. The financial company’s stock almost halved in value since the beginning of the year, compared to a fall of 13.07% in the benchmark.

The FTSE 100 declined 0.77% and the French CAC 40 lost 0.58%. Deutsche Bank’s previous all-time low was reached on November 20.

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