Deutsche Bank in the redJuly 24, 2019
Net loss for Deutsche Bank more than 3 Billion Euros
The popular German Deutsche Bank announced a net loss of 3.15 billion euros for the second-quarter 2019. The bank’s net loss was weaker than analyst expected. The estimation for the loss was expected to be around 1.7 billion euros according to Analysts from Refinitiv, because of the bank’s huge restructuring plan published at the beginning of the month.
Beginning this month, Deutsche Bank published that it would stop its global equities business. The bank also published it will cut 18,000 jobs by 2022.
Dow gains more than 150 points
On Tuesday Stocks surged upon news releases that in-person discussions between Chinese and U.S. trade negotiators are going to start next week. According to analysts a group of better-than-expected profits also boosted trader’s viewpoint. The Nasdaq Composite advanced more than 0.5% to close at 8,251.39. The Dow Jones Industrial Average ended with more than 177 points higher at 27,349.19. The S&P 500 also improved 0.7% to close back over 3,000 at 3,005.45.
Oil is going up on U.S inventories drop
On Wednesday Oil went up, increasing its profits after U.S. inventory numbers revealed a much larger than anticipated decline in crude stockpiles. In the meantime, escalating pressures with Iran fired more concerns regarding supply interruptions giving another reason for the oil to increase its price. U.S. West Texas Intermediate crude went up 23 cents to $57.00 a barrel while Brent crude futures increased 20 cents, to $64.02 a barrel.
ECB meeting drives the EUR
On Wednesday the euro fell to a 60-day low while markets are trying to assess the European Central Bank’s position regarding its policy. The anticipation sparked concerns that the bank could eventually reduce the interest rates and follow the global easing bias.
The EUR went 0.05% lower to $1.1144 after reaching $1.1142, and that was its lowest since May 31.