Deutsche Bank extends profit streak in Q2 but warns on economy
Deutsche Bank posted a better-than-expected 51% rise in second-quarter profit on Wednesday as investment banking revenues rose, though the lender was less optimistic about the division’s prospects for the full year and warned about the economic outlook.
The results come amid a week of earnings reports by major lenders across Europe, where investors are watching for signs that a weaker economy, higher interest rates and the war in Ukraine are weighing on their operations and outlooks.
Germany’s banks are at the centre of a geopolitical storm because the country is particularly dependent on Russian energy and its economy will be hit hard by any supply shortages.
Oil steady as demand concerns offset U.S. crude stock drawdown
Oil prices held steady on Wednesday as concerns about weaker demand offset industry data that showed a larger-than-expected drawdown in U.S. crude stockpiles.
Brent crude futures were at $104.55 a barrel at 0640 GMT, up 15 cents, or 0.1%. U.S. West Texas Intermediate (WTI) crude rose 27 cents, or 0.5%, to $95.25 a barrel.
After Tuesday’s settlement, industry group the American Petroleum Institute said crude stocks in the United States fell by 4 million barrels last week.
That was four times bigger than the decline expected by analysts in a Reuters poll. [EIA/S]
A sharper decline in inventories should support oil prices, but the rebound was limited by concerns about potential weak demand, and the White House stated that it will further release strategic reserves,” said Leon Li, a Shanghai-based analyst at CMC Markets.
In addition, the prospect the U.S. Federal Reserve will announce an aggressive rate rise later on Wednesday weighed on sentiment and limited the rise in oil prices, he said.
Italy’s antitrust probes Samsung over alleged unfair commercial practices
Italy’s antitrust authority said on Wednesday it had opened an investigation against Samsung (KS:005930) in Italy and two other companies over alleged misleading and aggressive commercial practices.
The regulator said it was looking into the deals offered by the companies to customers seeking to buy new mobile phones while selling their used devices as not enough nor adequate information was being supplied.
On Tuesday officials from the watchdog searched the offices of the companies involved, it added in the statement
Reckitt posts 11.9% rise in quarterly like-for-like sales, beating expectations
Britain’s Reckitt Benckiser, maker of Dettol and Lysol cleaning products, on Wednesday beat second-quarter sales expectations after raising prices to make up for soaring input costs.
The company said quarterly like-for-like revenue rose 11.9%, on a constant currency basis, ahead of the 6.8% growth analysts had expected in a company-supplied poll.
Important Note: The information found on Ausprime platform is intended only to be informative, is not advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not include any specific investment objectives, financial situation and needs of any specific person who may receive it. The past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statement
