Overseas Trading: DOJ Fine Blasts European Bank Stocks

While bank stocks bounced back in Japan, they're getting crushed in Europe after the DOJ fined Deutsche Bank

by Alex Eppstein

Published on Sep 16, 2016 at 8:37 AM
Updated on Jun 24, 2020 at 10:16 AM

It was a relatively quiet day of trading in Asia, with public holidays shuttering markets in China, Hong Kong, and South Korea. However, Japan's Nikkei was open for business, and bounced back nicely from Thursday's yen-induced dive. Specifically, the index tacked on 0.7% as shares of Apple Inc. (NASDAQ:AAPL) suppliers rallied. Also serving to boost markets was a rebound in bank stocks, as comments from the chair of the Japanese Bankers Association curbed expectations that the Bank of Japan will cut interest rates on excess reserves further into negative territory at next week's policy meeting.

Stocks in Europe are selling off, as financial stocks slide in the wake of a $14 billion fine levied against German-based Deutsche Bank by the U.S. Department of Justice. Markets also remain on edge ahead of the Fed's policy meeting next week, which could bring the first interest rate hike since December. At last check, London's FTSE 100 is off 0.5%, the French CAC 40 has stepped back 1.2%, and Germany's DAX has dropped 1.4%.
 

overseas trading september 16

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