Asia stocks go down

On Friday, Asian stocks extended their losses as worries regarding the health of Deutsche Bank weighed on financial stocks and crude prices inched back from near-one month peaks on skepticism as for OPEC's new plan to curb production.

Outside Japan MSCI's broadest index of Asia-Pacific stocks lost nearly 1% and found itself on track for 0.8% sag for the week. However, it poised for a 1.7% revenue in September, and a 9% profit in the third quarter.

On Thursday, Wall Street lost approximately 1% as Deutsche Bank stocks sank to a record minimum after a report that trading clients had withdrawn excess cash as well as positions held in the largest German lender.

The US bank shares closed down 6.7%, trading at $11.48 having sagged to as low as $11.185.

By the way, Germany's number one bank has struggled for years, thus highlighting the EU’s inability or even unwillingness to push through tough, though much required financial sector reforms.

Japanese Nikkei retreated 1.6%  after weaker-than-expected consumption as well as inflation data. 

Scroll to top