When US brokerage Jefferies reported weak third-quarter 2010 sales and trading revenues last month and Deutsche Bank warned in the prospectus for its rights issue that its corporate banking and securities division might report profits substantially below the comparable quarter in 2009, the markets took fright.
US financial stocks sold off sharply at the end of September, after Jefferies reported both fixed-income and equity trading revenue well down on the second quarter of 2010 and the third quarter of 2009.
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