Reuters Insider - Banks centre stage in stocks shocker

Baader Bank AG

09/02/2016 14:32

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 https://insider.thomsonreuters.com/link.html?cn=share&cid=1563450&shareToken=Mzo5NzdkZTIwYS0zMGU2LTQxYjQtYmU2NS1lNzZlMWNlYjYxYTE%3D&playerName=ReutersNews 
                                                                       
 Source:             Thomson Reuters                                   
                                                                       
 Description:        European shares gave up early gains as bank stocks 
                     dropped again and losses in Asian markets sent    
                     investors scurrying for save havens.              
 
 
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Transcript (May be auto-generated)

                 Just in case you'd missed it, the global markets horror show is in full swing. 
Lent-inspired fancy dress in Frankfurt doing nothing to lift the mood. Baader 
Bank's Robert Halver. Let's not be fooled, a banking crisis in Europe is next, 
not as big as before but a lot of European banks have a lot of stakes in the US 
fracking business and now they are worried about getting their money back. 
Shares in several Italian banks had to be suspended their drops were so sharp. 
The sector enough to drag the FTSEurofirst 300 index towards its lowest close 
since 2013. 

CEBR's Vicky Pryce. They may have been exposed to firms that are suffering from 
the drop in oil prices for example. They have also been lending to companies 
that have been relying on growth continuing, exports to emerging markets of 
course are suffering. So there is a real concern that there may be an increase 
across Europe in non-performing loans. And that's not all. The uncertainty over 
the direction of US rates and the slowdown in China are also causing concern. 
Japan's Nikkei suffering its biggest daily drop in nearly three years. There's 
no doubt the slowdown is intensifying in a number of areas. I think the Chinese 
hard landing now seems more likely than it ever did. Of course we can never be 
sure what the figures from China are telling us. But the emerging market 
slowdown is a very, very important factor in all of this. So too is oil. The 
International Energy Agency predicting the glut will get worse before it gets 
better