Deutsche Bank shares hit 20-year low as Merkel rules out state aid

Barclays and Santander also sell off

Shares in Deutsche Bank fell to their lowest level in more than two decades today, with contagion spreading to the European banking sector.

According to the Financial Times, shares fell by as much as 8.9% today to hit €10.62, the lowest since the bank began trading on the Xetra exchange in 1992, with the stock now down over 50% so far this year. The drop came after German media reported Chancellor Angela Merkel ruled out providing any state aid for the bank, which has been hit by concerns this year that negative interest rates and a series of fines will hit margins. This sell-off spread to other European banks, with Barclays shares down 2.7% and Santander losing 3.1%. The Euro Stoxx bank index was 1.8% lower. Deutsche ...