A major bank cut its last time with commodity trading and global stocks are still falling due to the situation in China.
Deutsche Bank Leaves the Commodity Business
Deutsche Bank will sever its last link with commodity trading by resigning as a clearing member of the London gold and silver over-the-counter business, two industry sources close to the matter told Reuters on Thursday.
The move leaves five banks: Barclays, HSBC, Bank of Nova Scotia, JP Morgan and UBS to settle daily bullion transactions between dealers, amounting to more than $5 trillion worth of metal each year.
Stocks Still Falling
Signs of a sharp slowdown in the world’s second-largest economy, China, have unnerved investors since Beijing surprised markets last week by devaluing its currency. Shares in the US, Asia and Europe have tumbled along with commodity prices as investors worry about waning Chinese demand.