LONDON - World stocks fell for a third straight day on Tuesday, as a stinging warning came from German chemicals giant BASF about the effects of the global trade war and traders hedged bets on a hefty U.S. interest rate cut later this month.
Deutsche Bank tumbled 4% - having already dropped 5.4% the previous day after it axed 18,000 staff - while Apple’s overnight drop of more than 2% on Wall Street after a broker downgrade dragged the tech sector lower. In the currency markets, the big question remained the potential reaction to the weaker outlook from the world’s top central banks.
“It would be pretty disruptive at this stage for Powell to rule out a cut in July or dampen expectations of a cut in July,” said Michael Metcalfe, head of global macro strategy at State Street Global Markets.
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Deutsche Bank to Exit Global Equities, Trading BusinessDeutsche Bank moved to gut its global ambitions as a trading powerhouse, cutting 18,000 jobs and retreating to its German banking roots in a radical overhaul to try to save itself after years of decline. A good place to start would be to call all loans to Trumps and Kushners due and stop letting them continue to default without penalty. As soon as I saw DB the Benny Hill theme began playing in my head
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