Deutsche Bank says currency rout 'serious'
The meltdown in global markets is "very serious" as it will weaken prospects for growth worldwide, said Henning Gebhardt, global head of equities at Deutsche Bank AG's asset and wealth management unit.
"We are expecting some adjustments for the global economic outlook -- especially triggered by weaker growth in emerging markets," Gebhardt said in an e-mailed response to questions on Monday in Frankfurt. "The low oil price and the changed economic outlook will create another round of global earnings cuts." Global stocks have lost $5 trillion since China unexpectedly devalued the yuan on Aug. 11, with investors spooked by signs of further weakening in the world's secondlargest economy. The rout is raising doubt about the ability of the global economy to withstand a eventual liftoff in U.S. interest rates this year.