UBS has maintained its "Buy" rating for Deutsche Bank, setting a target price of 18.80 euros. Despite progress in other areas, high provisions have overshadowed results, with the cost of risk ratio significantly exceeding the annual target, prompting Deutsche Bank to revise its forecast for 2024.
Deutsche Bank's CFO, James von Moltke, indicated that the bank is considering domestic mergers and acquisitions as a potential strategy, particularly in light of the competitive landscape following UniCredit's interest in rival Commerzbank. He emphasized that while these options are being evaluated, any action would not be immediate.
Deutsche Bank is seeking approval for additional share buybacks following a strong performance from its investment bank, which saw an 11% increase in revenue from fixed-income securities and currencies. Additionally, income from advisory services and capital markets activities surged by 24%.
As the U.S. election approaches, Bank of America emphasizes the importance of stock picking over index investing, noting that political outcomes could impact specific market sectors. Meanwhile, Scotiabank identifies three biotech firms poised for significant growth, while European markets are set for a mixed opening amid key earnings reports, including Deutsche Bank's return to profit. Crude oil prices have risen due to geopolitical tensions and China's rate cuts, while gold continues its rally, reaching record highs amid economic uncertainties.
Standard Chartered is revamping its strategy in India to capture the growing wealth market, mirroring trends among global wealth managers. The number of individuals with over $30 million in investable assets is projected to rise by 50% from 2023 to 2028. The bank plans to focus resources on 10 key cities experiencing significant wealth growth.
In August 2024, significant leadership changes occurred in the Asia-Pacific wealth management sector, including the appointment of a new CEO for DBS in Singapore and key roles at Eastspring Investments, Lighthouse Canton, and Emirates NBD. Notable hires included Ashwin Jayaram at Julius Baer and Tomoko Ueda at BlackRock, while VP Bank closed its Hong Kong office, focusing on Singapore. Other firms like Capital Group and Federated Hermes also made strategic appointments to enhance their regional presence.
The DAX fell 1% to close at 19,461, losing much of the previous week's gains after reaching an all-time high. To regain upward momentum, it must surpass the September peak of 19,492 and the all-time high of 19,675, while support is found around 19,250. Further declines could see it test levels near 19,000 and potentially drop to 18,912.
Europe's largest banks are set to begin their earnings season, which will test the strength of a stock rally that has driven their shares to a nine-year high. Deutsche Bank AG will lead the way on Wednesday, as investors seek insights into how banks are navigating sluggish economic growth and interest-rate cuts. Executives will also address the recent uptick in mergers and acquisitions as the sector looks for new growth opportunities.
The Labour government, facing a £22 billion financing shortfall, is preparing a challenging October budget aimed at revitalizing the sluggish economy without returning to austerity. Economists anticipate a faster pace of interest rate cuts as inflation eases, with expectations for the Bank of England to lower rates to 4.5% by year-end and potentially to 3% by September 2025, contingent on the budget's impact.
The global shadow banking market is projected to grow from USD 72 billion in 2024 to USD 120 billion by 2032, reflecting a CAGR of 6.5%. Key players include BlackRock, JPMorgan Chase, and Deutsche Bank, with Europe dominating the market and Asia-Pacific emerging as the fastest-growing region. Shadow banking, which encompasses non-bank financial intermediaries, offers credit and liquidity outside traditional banking systems, presenting both opportunities and risks due to its regulatory environment.
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