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U.S. stocks skidded Thursday as drug companies and banks absorbed large losses. Drugmakers faced scrutiny over price increases, while banks fell as investors worried about the stability of Deutsche Bank ...
Spain's Socialist Party was on the verge of "civil war" Thursday after half its leadership staged a coup, in what could turn out to be good news for those desperate to end the country's political deadlock. "A sad spectacle", "War", read headlines in Spanish newspapers, after 17 members of the party's executive quit Wednesday in a bid to oust leader Pedro Sanchez, unhappy about the way he was navigating the Socialist ship through this year's choppy politics. "The Socialists had already gone through other stormy periods in the past decades but never had we seen something like this: a coup... to depose a secretary general elected democratically by grassroots members," wrote the right-wing El Mundo daily.
The S&P 500 financial index declined 1.49 percent after Bloomberg reported that some hedge funds have withdrawn excess cash and positions held at the German lender. "This Deutsche Bank story is really casting a very long shadow over equity markets," said Peter Kenny, senior market strategist at Global Markets Advisory Group, in New York. Citigroup dropped 2.28 percent and JPMorgan Chase fell 1.59 percent.