Deutsche Bank suffered a further blow to its image over the weekend with a third alleged "IT outage" in the space of a few months on Saturday, that prevented some customers getting access to their money for a short time: "Customers can not access their cash because it is blocked", a customer complained to Germany's Handelsblatt.
Deutsche Bank AG ’s talks with the U.S. Justice Department to settle a high-profile set of mortgage-securities cases are continuing, with no deal yet presented to senior decision makers for approval on either side, the WSJ reports as Germany's econ Minister Gabriel accused DB of blaming speculators for last week's plunge in its share price.
"QE need not be confined to bond instruments in our mind. By limiting themselves to bonds, central banks are indeed deemed to face quantitative constraints given declining government bond issuance even as spread product issuance has increased" - JPM
"We take this rather uncommonly large number of “reversals” very seriously, and given that this is the quarter’s end we’d not be at all surprised to see this selling cascade today and become very serious indeed."
First the Senate, and shortly after the US House of representatives voted overwhelmingly to override President Obama’s veto of a bill letting the victims of the 9/11 attacks sue Saudi Arabia, striking a blow to the president on foreign policy weeks before he leaves office. The vote marks the first time Congress voted to overrule Obama’s veto pen.
While OPEC reached an "understanding on a production cut", if not exactly a production cut deal just yet - since every OPEC member's production has yet to be determined, the sellside has responded. The following is a collection of analysts’ reactions following the OPEC announcement.
Trump's attack on the Fed chairwoman during this week's presidential debate was so vicious that Paul Ashworth, chief US economist at Capital Economics, now thinks it's possible Yellen will have to resign if Trump ends up becoming president.
Most of the 90 minutes last night was a waste - with both candidates lobbing well-worn clichés, slogans and sound bites at the audience and each other.But there was one brief moment that made it all worthwhile.
Deutsche Bank Sub CDS closed above 500bps for only the second day in its history (and the longer-term CDS curve inverted once again) as a bad day ended worse with Bundesbank member Andreas Dombret exclaimed "state support of banking sector must end," warning that it only "props up zombie banks." His pronouncements also pushed politicians to make the hard decisions and "tell banks they need structural reform."
After Wednesday’s policy statements by the Fed and Bank of Japan, a harsh light is being shined on the incredible nature of their communications. It would be wise in the current environment to structure investment portfolios with a pro-volatility bias.