German regulator predicts stress in property market, but no global banking crisis.

Germany's financial regulator, BaFin, has warned that the country's banking system is undergoing a real-life stress test amid the current volatility, also predicting significant weakness for the commercial property sector. The real estate market, tightly linked to the banks, is also heavily impacted by moves in interest rates. BaFin's president, Mark Branson, said that Germany has seen the same impacts from higher rates as many other nations around the world, and there is "no systemic danger" but a "nervous time and a kind of real life stress test for parts of the system."