Deutsche Bank shares plummet amid default insurance cost spike.

Deutsche Bank shares fell by more than 9% after a sudden spike in credit default swaps on Thursday night, as concerns about the stability of European banks persisted. The emergency rescue of Credit Suisse by UBS has triggered contagion concern among investors, which was deepened by further monetary policy tightening from the U.S. Federal Reserve on Wednesday. Moody's suggested that, as central banks continue their efforts to reel in inflation, the longer that financial conditions remain tight, the greater the risk that "stresses spread beyond the banking sector, unleashing greater financial and economic damage."