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UniCredit has received approval from the ECB and the Bank of Italy to acquire direct control of Banco BPM and indirect control of other companies within the Banco BPM and Anima groups. This move comes amid ongoing discussions regarding capital treatment related to the Anima deal and the bank's strategic plans.
Deutsche Bank has appointed Raja Akram, currently deputy CEO at Morgan Stanley, as its new CFO, effective next year, succeeding James von Moltke. CEO Christian Sewing's term has been extended until April 2029, while chief legal officer Stefan Simon will depart in May.In other news, Alexis Kohler, a key adviser to President Macron, will join Société Générale as executive VP in June, overseeing investment banking teams amid the bank's turnaround strategy following recent scandals.
US import tariffs on crude oil from Canada and Mexico are set to end next Wednesday, with a potential 10% tariff on Canadian oil and 25% on Mexican oil. However, the market anticipates these tariffs may not be implemented, as evidenced by the narrowing price discount for Canadian oil, which has dropped significantly in recent weeks. This shift may also be influenced by expected reductions in oil supplies from Venezuela, positioning Canadian oil as a viable alternative for US refineries.
March inflation figures for the Tokyo area showed a surprising increase, with the core rate rising from 0.8% to 1.1%, leading to an overall inflation rate of 2.9%. This uptick is primarily driven by food prices, with fresh food inflation at 12.9%. Despite the rise, the core rate is expected to remain below 2%, indicating no significant threat to monetary policy. The JPY saw slight stability against the US Dollar, though upcoming US tariffs may influence future movements.
Commerzbank AG, a leading German banking group, reports its net banking product (NBP) distribution: retail and private banking accounts for 52.4%, market and investment banking 33.2%, and other services 14.4%. By the end of 2023, the group managed EUR 419.8 billion in current credits and EUR 298.7 billion in current deposits.
Gold prices have surged to a new record high, buoyed by political uncertainty and the impact of upcoming US tariffs, which may affect imports from Canada. The widening price gap between Comex and London spot prices indicates ongoing support for gold, especially as potential weak US economic indicators could lead to further interest rate cuts by the Fed.
US crude oil inventories fell by 3.3 million barrels last week, marking the largest decline of the year, according to the US Department of Energy. Current stocks are approximately 5% below the 5-year average, despite expectations for an increase. Notably, petrol and distillate stocks also decreased, influenced by high net exports of oil products.
China's gold exports to Hong Kong surged to 41 tons in February, more than doubling from the previous month and marking the highest level in a decade, while imports from Hong Kong saw only a slight increase. This shift indicates weak domestic demand in China, prompting traders to export surplus gold to capitalize on higher global prices.
Deutsche Bank has extended CEO Christian Sewing's contract for a third term until April 2029, while CFO James von Moltke and board member Stefan Simon will depart. The bank is rethinking its strategy amid a crucial year for its turnaround, with potential business closures on the table. Despite recent challenges, including a legal issue that impacted profits, Sewing remains optimistic about leveraging opportunities for growth.
Deutsche Bank has extended CEO Christian Sewing's contract for a third term until April 2029, as part of a significant management overhaul that includes the departure of CFO James von Moltke and board member Stefan Simon. The bank aims to refine its strategy and address past legal issues while pursuing ambitious profit and cost targets, despite some skepticism from analysts regarding its goals. Shares have roughly doubled under Sewing's leadership, outperforming the Stoxx Europe 600 Banks index.
Commerzbank AG
Companies
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
unicredit secures approval to acquire control of banco bpm
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