Opening Bell: Markets continue to slide, OPEC countries call for production cuts, Drumm's third appeal

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Yesterday's rout on global markets has spilled over into early trading today as losses continue across Asia.

Japan's Nikkei index closed down by more than 2% - while China's main market, the Shanghai Composite, has fallen by 1.2%.

Uncertainty in China and falling oil prices have unsettled traders, UK, French and Japanese markets have all fallen by more than 20% from their 2015 highs.

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Leaders in both Venezuela and Ecuador have called for an extraordinary OPEC meeting to deal with the collapse of oil pirces.

Many OPEC countries make their annual budgets presuming that oil prices stay above a certain level and face financial turmoil when prices fall as they have in recent months.

Barclay's economists have warned that Venezuela may face a default if prices do not increase.

Ecuador President Rafael Correa said on yesterday that his government was "tired" of asking OPEC to reduce output.

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David Drumm has lodged an appeal against last week's decision to deny him bail ahead of his extradition hearing in the US.

The former Chief Executive of Anglo Irish Bank has already been refused bail twice and remains in custody in Boston.

Drumm faces 33 criminal charges relating to transactions carried out while he was in charge of the bank.

His extradition hearing is due to take place on the 1st of March.

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Deutsche Bank announced €6.7bn in losses as the cost of fines for breaking banking rules weigh on its balance sheet.

The bank set aside €5.2bn for litigation in 2015 - it was also faced reorganisation costs of €800m.

The financial institution has paid billions in fines and settlements related to accusations that it colluded with other banks to fix interest rates and that it violated international sanctions against countries including Iran.

It also faces lawsuits from clients who say that the bank broke foreign currency trading rules.