Deutsche Bank and UBS have been hit by a sudden spike in the cost of default insurance Shares of European banking giants plummeted on Friday, with Deutsche Bank and UBS Group dropping 13% and 6%, respectively, after a sharp spike in credit default swaps was recorded on Thursday night. Shares of other lenders with high exposure to corporate lending were also down, with Commerzbank declining by 9% and Societe Generale shedding 7%. Credit default swaps, a form of insurance for corporate bondholders against a company's default, surged to 173 basis points late on Thursday from 142 basis points the previous day, marking
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