The Courier & Advertiser (Perth and Perthshire Edition)
Speculation sends FTSE intoaspin
UK stocks were on a rollercoaster ride yesterday amid speculation over investor confidence in German lender Deutsche Bank.
The FTSE 100 Index closed 0.3% or 20.9 points lower at 6899.3, paring losses after dropping as low as 6809.5 earlier in the session.
Meanwhile, sterling rose to 1.30 against the US dollar, and to 1.156 against the euro, after positive economic news out of the UK including an upward revision of second-quarter gross domestic product (GDP).
German-listed shares in Deutsche Bank spiked in afternoon trading after reports emerged that it may only have to stump up $5.4 billion (£4.1bn), rather than $14bn (£10.5bn), as part of a US Department of Justice settlement linked to the sale of mortgage-backed securities during the financial crisis. Shares closed up 0.67 at 11.57 euro.