Asian stocks were mixed in a cautious start to what could be another rocky week for global markets.
There are concerns about the banking sector, and the impact of that turmoil on the global economy.BEIJING - Asian stocks were mixed on Monday in a cautious start to what could be another rocky week for global markets, after a rout in banking shares renewed fears for the sector.
German Chancellor Olaf Scholz assured traders that Deutsche Bank is"very profitable" after its shares nosedived by as much as 14 percent before closing 8.5 percent lower. Clifford Bennett, chief economist at ACY Securities, said Monday that it was unlikely the German government would allow Deutsche Bank to collapse or face restructuring.
Hong Kong was nearly two percent lower in Monday morning trade, with Shanghai down 0.7 percent. Taipei and Seoul both lost 0.5 percent, and Jakarta was down 0.4 percent.Markets had rallied last week after financial authorities took steps aimed at preventing contagion from the collapse of US regional lenders this month.
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