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3 October 2016
Deutsche Bank denied it requested the German government’s assistance after receiving a $14bn fine from the US Department of Justice. Investors are concerned its €5.4bn provision is insufficient for its US liabilities.
Commerzbank has suspended dividends and plans to cut 9,400 members of staff. The German bank is under pressure due to negative EU interest rates.
OPEC agreed to cut 700k bbls from production but it said the precise details of member quota cuts would be agreed at its November meeting.
UK Government appears to be facing a dilemma in whether to negotiate for a “hard” or “soft” Brexit.
Daily Mail & General Trust reported 4% revenue growth and lower net debt due to the US dollar.
Capita announced a profits warning due to a weak second half trading. It expects profit to decline £69m to £545m for 2016.
UK Mail has agreed a 440p per share cash offer from Deutsche Post. The Kane family and a number of institutional shareholders have pledged their support.
Sterling moved lower on expectations of a possible further Base Rate cut possibly before 2017. The pound has struggled to stay above $1.30.
Wells Fargo CEO John Stumpf will return $41m in bonuses following US Congressional hearings that detailed evidence of the bank opening fraudulent accounts without client’s consent. California has suspended key business relationships with Wells.
SAB Miller voted in favour of the AB-Inbev buyout at £45 per share.