(Teleborsa) Stock traders, frightened this morning by the collapse of Deutsche Bank, in Frankfurt and Wall Street, recovered some optimism following the reassurances received from the CEO of the German bank in difficulty and the belief that the German government will not he will skimp on some sort of support.
The stock, which this morning lost about 8%, returned to parity, even better than other banks.
Playing a key role were the reassurances received from number one John Cryan, who said that "the bank's fundamentals are strong" and that the rumors of flight of hedge funds from capital have "caused unjustified concerns".
It all started with the rumors reported in a Bloomberg article, according to which some speculative funds withdrew their liquidity and reduced their exposure to the German institution, resulting in a 6,67% collapse of the stock on the Wall Street stock exchange.
Rumors that were fueled by uncertainties about the future of the first German bank, due to the 14 billion dollar compensation requested by the American justice to resolve an old dispute linked to the "subprime" crisis. The repeated reassurances of the head of the Teutonic institute, John Cryan, who had specified that he had not asked for state aid and that he was not studying a capital increase, had fallen on deaf ears.
Furthermore, the market seems to have convinced itself that Chancellor Angela Merkel really has no intention of letting the bank fail and that the statement would only have the purpose of negotiating a lighter fine with the US authorities.
