) were the biggest decliners, but ended above their lows for the day as Deutsche bank cut some losses.
The European Central Bank President Christine Lagarde pledged support to the European banking system and German Chancellor Olaf Scholz said there was “nothing to worry about” as the bank is very profitable. The selloff in the bank sector has pushed it into"deeply oversold" territory, Janney Montgomery Scott said in a note, though flagged the risk of a broader banking crisis.
“[F]rom a macro standpoint, and based on our technical work in global money flows- what we believe may be unfolding here is not a localized regional banking crisis, but a broader central banking crisis,” it added.
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