Bank Slump Triggers Worst Week in Three Months for Europe Stocks
- Italian and Portuguese shares lead slides in the region
- Automakers and energy producers also among biggest decliners
European Stocks Fall for Fourth Day in Five
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A tumble in Deutsche Bank AG spread to the industry, deepening a selloff that dragged European equities to their biggest weekly plunges since before the U.K. secession vote.
Shares of the German lender sank 8.5 percent, the most since the aftermath of the British referendum, after rebuffing the $14 billion claim from the U.S. Justice Department to settle a probe. Royal Bank of Scotland Group Plc and Credit Suisse Group AG also fell more than 4 percent, along with some Italian and Portuguese firms. That highlighted the vulnerability of the recent rebound, with a gauge tracking the region’s lenders down 5.6 percent this week, erasing about a third of its gain from the past two months.