U.S. Crude Oil Surges 3%, Tops $77 Ahead of Israel-Iran Strike
Crude oil prices experienced a significant uptick, surpassing the 3% mark, as global markets anxiously awaited Israel’s anticipated retaliation ….
July 29, 2021: On Wednesday, Deutsche Bank posted a big profit beat for the second quarter, despite all the critical investment banking arm suffering a slide in revenues.
The lender reported a net income of 692 million euros for the second quarter of this year. In comparison, analysts had forecast a net profit of 328 million euros for the quarter, according to data collected by Refinitiv.
Although the higher-than-expected profit, the German bank experienced an 11% drop in net revenues in its investment banking division compared to a year ago. This unit had been critical in driving profit higher at the embattled bank in the first quarter of the year. Recent reports have suggested Deutsche Bank has lost market share in this space in recent months.
Meanwhile, speaking to CNBC on Wednesday, James von Moltke, the bank’s chief financial officer, downplayed these reports.
“There are debt markets where some of the market shares concentrated in the largest banks in the previous year became less concentrated this quarter. So we don’t see that item as idiosyncratic to Deutsche Bank,” he said, adding that in crucial markets like fixed income, the German lender gained market share.
The German lender reported credit loss provisions of 75 million euros for this quarter. The stock increased by over 2% in European trading hours.
“Despite the normalization of the markets that we all expected, we saw strong revenue performance across all our core businesses,” von Moltke told CNBC.
“Activity was relatively muted in July,” he added, mentioning the “continued normalization” of the markets about the volatility seen in 2020 as the main reason behind the slow activity thus far.
Although, he said that the German bank is “optimistic” about its performance this year and next.
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Crude oil prices experienced a significant uptick, surpassing the 3% mark, as global markets anxiously awaited Israel’s anticipated retaliation ….
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