Deutsche Bank lost 832 million Euro

Daily Analysis - 30/10/2019

Third quarter comes with 832 million losses for Deutsche Bank

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On Wednesday the famous Deutsche Bank announced that for the third quarter the bank had a significant loss because it missed market expectations while the important restructuring project continues to press on the German lender. The bank published a net damage of 832 million euros for the third quarter of the year. According to efinitiv, experts were anticipating a decline of 778 million euros, it had announced a net gain of 229 million euros in the third quarter last year, but a loss of 3.15 billion euros in the second quarter of 2019. The chief executive officer of Deutsche Bank, Christian Sewing in a statement said the following, “Despite having launched the most comprehensive restructuring of our bank in two decades, we delivered profits in our four core businesses during the quarter and grew loans and assets under management,” and continued “Transformation is fully underway with tangible progress on costs and de-risking. A 13.4% CET1 ratio underlines our strength.”

It is official: U.K. lawmakers said ok to a Dec.12 election


The U.K will host a general election in December. This will be the first time since 1923. Yesterday evening, legislators from all parties voted by 438 to 20 to proceed with a national vote on December 12. Improvements to the law, including an alternative Dec. 9 vote date and a decreased voting age of 16. That proposal was first denied. The bill will now move to the House of Lords for additional discussion today. However, this is questionable if it will crash the arrangement made by MPs (Members of Parliament) in the lower chamber.

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Greenback is steady versus Euro before Fed


On Wednesday, the greenback was in a range while markets wait for a rate decrease from the Federal Reserve. That was as the GBP remained steady following the U. K’s lower house of parliament approval, requesting an early vote in December that might break the Brexit standoff. The greenback remained steady versus the euro at $1.1109 and even against a basket of six important rival currencies at 97.697 while traders anticipated the Fed’s interest rate settlement. The U.S. central bank is expected to lower its policy rate for the third time when it ends its two-day discussion today.

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Oil dropped due to trade fears


On Wednesday Oil dropped while a potential setback in fixing the U.S.-China trade problem dominated a decline in U.S. crude inventories. U.S. West Texas Intermediate (WTI) crude fell 27 cents, to $55.26 a barrel, having fallen 0.5% in the previous session. Brent crude dropped 18 cents, to $61.40 a barrel following a profit of 2 cents yesterday.

 

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