Deutsche Bank shares crater to a record low


German officials have tried to shut down talk of a potential rescue for the country's biggest bank, with chancellor Angela Merkel's spokesman Steffen Seibert saying there are "no grounds" for speculation over state funding for the US$2 trillion-asset lender.

Deutsche Bank has denied claims made in a German magazine which caused it to tumble more than 7 percent on Monday, triggering a fall in European shares. Stocks are coming off two weeks of solid gains.

A week ago, Deutsche Bank also experienced a decline in their stocks after being fined an initial amount of $14 billion by the U.S. Justice Department in settlement of a litigation caused by accusations of the bank selling bond packaged select mortgages to their investors from 2005 until 2007.

Deutsche Bank shares slumped by over 6 percent on Monday, reflecting growing investor concerns over the massive financial cost facing the bank on account of its legal wrangles with USA regulators. The stock has a weekly performance of -8.64 percent and is -50.93 percent year-to-date as of the recent close. Citigroup and Morgan Stanley sank 2 percent.

At midday, the benchmark Stoxx Europe 600 index was down 0.4%, Germany's DAX was 0.8% lower and France's CAC 40 was off 0.5%.

Home Depot and Lowe's sank after the government said sales of new homes fell nearly eight per cent in August.

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LET'S STAY TOGETHER: Pfizer, one of the largest drug companies in the world, traded lower after it said it will not split up into two smaller companies.

London's benchmark FTSE 100 index closed 1.3 percent lower compared with the close on Friday.

Volkswagen fell 3.1 percent after the U.S. Justice Department was said to be assessing how big a criminal fine it can extract from the carmaker without putting it out of business. Brent crude, the global benchmark, rose $1.04, for 2.2 percent, to $47.52 a barrel in London. Lands' End stock lost $2.27, or 12.6 percent, to $15.73. The Nasdaq composite fell 42 points, or 0.8 percent, to 5,262. JPMorgan dropped 1.2 percent.

GOOD CHEMISTRY: Specialty chemicals maker Chemtura climbed after it agreed to be bought by Germany's Lanxess. In markets, the Mexican peso seems to agree, with the currency rallying as much as 2 percent after the head-to-head concluded.

Hong Kong's Hang Seng index advanced 1.1 percent to 23,571.79 and Tokyo's Nikkei 225 was up 0.6 percent at 16,635.29.

Home Depot shed $2.34, or 1.8 percent, to $125.45 and Lowe's fell $1.54, or 2.1 percent, to $70.81. The S&P 500 index showed two new 52-week highs and one new lows, while the Nasdaq recorded 31 new highs and 17 new lows.