Jueves 27.10/16 Ordenes de bienes duraderos

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Deutsche Bank Swings to Profit

German lender’s restructuring, litigation costs for third quarter were lower than expected

By Jenny Strasburg Updated Oct. 27, 2016 4:36 a.m. ET
Deutsche Bank CEO John Cryan. Deutsche Bank’s shares have fallen 41% this year, more than twice the decline of the Stoxx Europe 600 Banks index. ENLARGE
Deutsche Bank CEO John Cryan. Deutsche Bank’s shares have fallen 41% this year, more than twice the decline of the Stoxx Europe 600 Banks index. Photo: Associated Press

Deutsche Bank AG on Thursday posted an unexpected profit and set aside more cash to cover litigation costs amid talks aimed at settling mortgage-securities probes with U.S. authorities.

Third-quarter net income was €278 million ($303.1 million), beating analysts’ average expectations for a net loss of around €610 million. That compared with a net loss of €6 billion during the same period last year, driven by billions of dollars in write-downs as part of a companywide restructuring.

The bank’s restructuring and litigation costs for the third quarter were lower than analysts had expected. Revenue from trading, especially in credit, were stronger than a year ago, offsetting weakness in equities trading within the lender’s important global markets business.

The German lender earmarked an additional €501 million in the third quarter for litigation costs and said it is “working hard” to reach a mortgage-probe settlement with the U.S. Justice Department and that talks are ongoing. Looming anticipated settlements with the Justice Department, which are expected to total billions of dollars, have weighed on Deutsche Bank’s shares and fueled concerns about whether it has adequate capital to cover potential losses and meet regulatory requirements.

The Wall Street Journal reported Sept. 15 that the Justice Department initially proposed the bank pay $14 billion to close out mortgage-securities investigations. Deutsche Bank said in response that it didn’t intend to pay “anywhere near” that amount, which was much higher than investors or the bank expected.

The disclosure of the government’s opening bid nonetheless rattled Deutsche Bank clients, and markets. Some clients curtailed their business with Deutsche Bank over the course of several weeks, including by pulling deposits, executives said Thursday.

Since early October, the situation “has stabilized,” Marcus Schenck, Deutsche Bank’s finance chief, told analysts on a call Thursday morning.

As of Sept. 30, the lender had a total of €5.9 billion in litigation reserves to cover a wide range of anticipated legal expenses, including the expected U.S. mortgage settlement. That was an increase from €5.5 billion in litigation reserves as of June 30.

Shares in the bank were up 0.71% Thursday morning.

In results released before the market opened, Deutsche Bank said third-quarter net revenue was €7.5 billion, a 2% increase from the same period a year earlier and better than analysts’ average estimates.

Deutsche Bank’s global markets business had a 10% net revenue increase in the quarter, driven largely by strong credit and rates trading. Low interest rates hurt the lender’s global transaction banking revenue, which was down 5%. Its overall investment-banking revenue declined slightly, but Deutsche Bank said it gained back strength in its core deal-advisory business, including advising companies on stock offerings.

Deutsche Bank’s Tier 1 capital ratio, a measure of financial strength, increased to 11.1% from 10.8% in the second quarter. The lender is working to boost that ratio to at least 12.5% by 2018.

Deutsche Bank’s shares have fallen 41% this year, more than twice the decline of the Stoxx Europe 600 Banks index.

Despite harsher economic conditions and challenges specific to Deutsche Bank, including its legal woes, executives said Thursday they’re sticking to multiyear financial targets they set in late 2015. The lender has ramped up cost-cutting plans, and is still planning to get rid of its burdensome German retail-banking unit called Postbank, eventually, executives said.

A review of the bank’s asset-management business is ongoing, Chief Executive John Cryan said Thursday. Executives have looked at selling all or part of the business, people familiar with the matter previously said, but executives haven’t made details of those discussions public. Mr. Cryan on Thursday called asset management “an integral part of the group,” but also said that the business’s new head, Nicolas Moreau, is reviewing capital allocation and other elements of strategy and will report back on his recommendations. Mr. Cryan didn’t give a timeline for the review.

Last year’s big third-quarter loss was driven by write-downs of the value of investment-banking and other assets. The period marked the start of a multiyear cost-cutting and turnaround plan under then-new CEO Cryan.

Deutsche Bank’s earnings since have been hurt by low and negative interest rates that eat into retail-banking margins, and broad economic concerns have curtailed deal-making revenue. Some hedge-fund and other clients have tapered their trading and financing relationships with Deutsche Bank during recent months, when concerns about the lender’s capital intensified, The Journal and others reported last month.

Write to Jenny Strasburg at jenny.strasburg@wsj.com

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Ford’s Profit Falls on Recall Costs

Auto maker maintains outlook for full-year pretax earnings

By Christina Rogers Oct. 27, 2016 7:09 a.m. ET
Ford Focus ST line was shown in Paris earlier in October. ENLARGE
Ford Focus ST line was shown in Paris earlier in October. Photo: Zuma Press

Ford Motor Co. ’s net income fell 56% in the third quarter as hefty safety-recall expenses and softer sales in the auto maker’s core U.S. market dinged profits in North America, offsetting improving results in China and Europe.

Ford on Thursday reported net income of nearly $1 billion for the period ended Sept. 30, down from $2.2 billion recorded in the same year-ago period when the company, benefiting from the rollout a redesigned F-150 pickup truck, delivered a record third-quarter result.

The Dearborn, Mich., auto maker said operating profit equaled 26 cents a share, solidly beating analysts’ expectations of 20 cents a share as recall expenses and marketing costs were lower than anticipated. The results were hit by a $600 million expense booked during the quarter related to an expanded door-latch recall.

Revenue declined 6% to $35.9 billion, with global deliveries down slightly, including lower sales in the U.S. The company said it had $2 billion in cash outflows in the third quarter, and plans to post positive cash flow in the fourth quarter.

Ford reaffirmed full-year 2016 guidance of $10.2 billion adjusted pretax profit. The auto maker plans to further trim production in the fourth quarter to deal with softer U.S. volumes.

Margins slipped significantly in the company’s core North American operation due to the recall, launch costs and other factors.

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Los seguros de desempleo quedaron en 255,000, se esepraba 258,000.

Las ordenes de bienes duraderos bajaron 0.1% cuando se esperaba un alza del 0.1%

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LAST CHANGE % CHG
Get index data by Email
UK: FTSE 100 6961.18 3.09 0.04%
Germany: DAX 10703.13 -6.55 -0.06%
France: CAC 40 4526.09 -8.50 -0.19%
Stoxx Europe 600 341.62 -0.14 -0.04%
Hang Seng 23132.35 -193.08 -0.83%
Japan: Nikkei 225 17336.42 -55.42 -0.32%
DJIA 18199.33 30.06 0.17%
Europe Dow 1524.87 -2.76 -0.18%
Global Dow 2447.52 -3.98 -0.16%

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LAST CHANGE % CHG
Get index data by Email
Japan: Nikkei 225 17336.42 -55.42 -0.32%
Hang Seng 23132.35 -193.08 -0.83%
Shanghai Composite 3112.35 -3.96 -0.13%
S&P BSE Sensex 27915.90 79.39 0.29%
Australia: S&P/ASX 5295.50 -64.30 -1.20%
UK: FTSE 100 6961.10 3.01 0.04%
DJIA 18199.33 30.06 0.17%
Asia Dow 2965.60 -28.79 -0.96%
Global Dow 2447.54 -3.96 -0.16%

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LAST(MID) CHANGE
Euro (EUR/USD) 1.0917 0.0007
Yen (USD/JPY) 104.83 0.35
Pound (GBP/USD) 1.2221 -0.0025
Australia $ (AUD/USD) 0.7618 -0.0033
Swiss Franc (USD/CHF) 0.9928 -0.0006
WSJ Dollar Index 88.72 0.13
Futures8:43 AM EDT 10/27/2016
LAST CHANGE % CHG
Crude Oil 49.22 0.04 0.08%
Brent Crude 50.18 0.20 0.40%
Gold 1272.5 5.9 0.47%
Silver 17.700 0.074 0.42%
E-mini DJIA 18166 38 0.21%
E-mini S&P 500 2141.50 7.50 0.35%

Government Bonds8:53 AM EDT 10/27/2016
PRICE CHG YIELD
U.S. 10 Year -8/32 1.821
German 10 Year -16/32 0.137
Japan 10 Year -4/32 -0.049

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Futures LAST CHANGE % CHG
See all Futures
Crude Oil 49.22 0.04 0.08%
Brent Crude 50.19 0.21 0.42%
Natural Gas 3.210 0.023 0.72%
Gasoline 1.4770 0.0058 0.39%
Gold 1272.6 6.0 0.47%
Silver 17.700 0.074 0.42%
Corn 354.50 0.50 0.14%
Wheat 414.0 2.5 0.61%
E-mini DJIA 18167 39 0.22%
E-mini S&P 500 2141.50 7.50 0.35%
Indexes LAST CHANGE % CHG
TR/CC CRB Index 188.968 0.248 0.13%
S&P GSCI 371.34 0.87 0.24%

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Copper October 27,08:38
Bid/Ask 2.1599 - 2.1606
Change +0.0171 +0.80%
Low/High 2.1346 - 2.1689
Charts

Nickel October 27,08:37
Bid/Ask 4.6531 - 4.6576
Change +0.0083 +0.18%
Low/High 4.5722 - 4.6720
Charts

Aluminum October 27,08:34
Bid/Ask 0.7611 - 0.7613
Change +0.0015 +0.20%
Low/High 0.7547 - 0.7638
Charts

Zinc October 27,08:39
Bid/Ask 1.0653 - 1.0657
Change +0.0098 +0.92%
Low/High 1.0541 - 1.0687
Charts

Lead October 27,08:38
Bid/Ask 0.9348 - 0.9353
Change +0.0092 +0.99%
Low/High 0.9256 - 0.9408

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+52

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Oil up 49.30

Au up 1,272

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Hillary le lleva tres puntos de ventaja a Trump, estan estadisticamente empatados con una ventaja de 11% para Trump con los independientes.

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18184.99 -14.34 -0.08%
Nasdaq 5242.62 -7.65 -0.15%
S&P 500 2136.33 -3.10 -0.14%
Russell 2000 1200.61 -4.14 -0.34%
Global Dow 2445.68 -5.82 -0.24%
Japan: Nikkei 225 17336.42 -55.42 -0.32%
Stoxx Europe 600 341.35 -0.41 -0.12%
UK: FTSE 100 6973.71 15.62 0.22%
CURRENCIES10:33 AM EDT 10/27/2016
LAST(MID) CHANGE
Euro (EUR/USD) 1.0920 0.0011
Yen (USD/JPY) 104.94 0.47
Pound (GBP/USD) 1.2196 -0.0050
Australia $ (AUD/USD) 0.7605 -0.0046
Swiss Franc (USD/CHF) 0.9926 -0.0008
WSJ Dollar Index 88.80 0.20
GOVERNMENT BONDS10:33 AM EDT 10/27/2016
PRICE CHG YIELD
U.S. 10 Year -19/32 1.862
German 10 Year -27/32 0.175
Japan 10 Year -4/32 -0.049
FUTURES10:23 AM EDT 10/27/2016
LAST CHANGE % CHG
Crude Oil 49.54 0.36 0.73%
Brent Crude 50.38 0.40 0.80%
Gold 1267.6 1.0 0.08%
Silver 17.600 -0.026 -0.15%
E-mini DJIA 18075 -52 -0.29%
E-mini S&P 500 2127.75

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18192.72 -6.61 -0.04%
Nasdaq 5233.06 -17.21 -0.33%
S&P 500 2135.20 -4.23 -0.20%
Russell 2000 1197.79 -6.96 -0.58%
Global Dow 2444.81 -6.69 -0.27%
Japan: Nikkei 225 17336.42 -55.42 -0.32%
Stoxx Europe 600 340.93 -0.83 -0.24%
UK: FTSE 100 6971.63 13.54 0.19%
CURRENCIES11:05 AM EDT 10/27/2016
LAST(MID) CHANGE
Euro (EUR/USD) 1.0921 0.0012
Yen (USD/JPY) 104.97 0.50
Pound (GBP/USD) 1.2174 -0.0072
Australia $ (AUD/USD) 0.7596 -0.0055
Swiss Franc (USD/CHF) 0.9928 -0.0006
WSJ Dollar Index 88.84 0.25
GOVERNMENT BONDS11:06 AM EDT 10/27/2016
PRICE CHG YIELD
U.S. 10 Year -18/32 1.857
German 10 Year -30/32 0.185
Japan 10 Year -4/32 -0.049
FUTURES10:56 AM EDT 10/27/2016
LAST CHANGE % CHG
Crude Oil 49.85 0.67 1.36%
Brent Crude 50.71 0.73 1.46%
Gold 1269.6 3.0 0.24%
Silver 17.620 -0.006 -0.03%
E-mini DJIA 18117 -11 -0.06%
E-mini S&P 500

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