Deutsche Bank says rout 'very serious' as growth outlook dims

Frankfurt

THE meltdown in global markets is "very serious" as it will weaken prospects for growth worldwide, said Henning Gebhardt, global head of equities at Deutsche Bank AG's asset and wealth management unit.

"We are expecting some adjustments for the global economic outlook - especially triggered by weaker growth in emerging markets," Mr Gebhardt said in an e-mailed response to questions on Monday in Frankfurt. "The low oil price and the changed economic outlook will create another round of global earnings cuts."