German Bank Shares Plummet as U.S. Commercial Real Estate Faces Dire Warning
Originally Published 2 years ago — by MarketWatch
Shares of Deutsche Pfandbriefbank, a German lender, dropped by as much as 14% after issuing a profit warning due to the struggling commercial real estate market in the U.S. The bank cited persistent weakness in the market and increased risk provisions. It now expects pretax profits for the year to be significantly lower than previously forecasted. Other banks, such as ABN Amro, also experienced declines in their shares. European stock markets were relatively stable, with slight movements, while U.S. stock futures were mixed.