With world capital markets still upset from the BREXIT, financial stocks remained under severe downward pressure. Bank of America (BAC) and Deutsche Bank (DB), settled lower by -6.3% and -5.5% respectively. Near term outlook threatens a brief bounce, but mid/long term outlook is dire.. due to low/negative rates.
Suffice to add... real ugly, not least for DB that is an obvious systemic risk to the EU.
BAC looks set for $10/9s. If DB implodes (literally).. then BAC to $5.
As central banks keep rates low/negative, the financials are going to remain under broad downward pressure. The recent geo-political upset is only adding to the problems.