Stock markets tumble on Deutsche Bank strains

LONDON: European and Asian stock markets slumped Friday as Deutsche Bank shares plunged on widening concerns over its financial strength, causing ripples of fear across the global financial sector.

Bloomberg reported that several hedge funds had withdrawn their investments in Germany’s biggest bank. It comes over worries about the lender’s viability after US authorities slapped it with a $14-billion (16.2-billion-euros) penalty over its sale of mortgage-backed securities prior to the 2008 financial crisis.