Deutsche Bank CEO John Cryan didn't find an agreement with the US Justice Department to close the investigation opened on subprime mortgages in the United States during a meeting in Washington, as Bild Sunday edition reported. The report noted that German lender and U.S. authorities haven't broken off their talks. Concerns about the bank's ability to pay a $14 billion opening settlement bid from the Justice Department sent the company's stock to a record low last month. Cryan has reportedly said he expects U.S. authorities to scale back the initial request.
The British currency suffered a massive temporary loss in value overnight, diving 10% against the dollar in just minutes – a so-called flash crash. It fell from around $1.26 to near $1.14 in trading in Asia before recovering somewhat by the time Europe woke up, it was the most aggressive move since the results of the Brexit vote emerged in June. With traders struggling to find whether it was a "fat finger error" or related to fears over Brexit, the Bank of England said in a statement: “We are looking at the causes of the sharp falls over night".
Romania prepared to vote on a plan to convert Swiss franc mortgages to the domestic currency at the exchange rate applicable when they were issued, Reuters reported on Friday; romanian lawmakers are expected to pass a bill on Monday. There are about 50,000 loans still denominated in Swiss Francs and banks are on the edge to lose €540 mln, according to Romanian central bank’s estimates.
Japan’s Prime Minister Shinzo Abe called on the country's parliament to ratify the Trans-Pacific Partnership (TPP) deal, signed in February, before other states. And Abe stressed the Parliament should approve the TPP treaty before the current session ends on Nov. 30. "We could provide an impetus for the entry of this agreement into force by approving it in parliament faster than other countries," Abe said. He added Japan will help provide momentum to the TPP and help make it a reality by approving it in the Diet (Japanese parliament) ahead of other countries, according to the Kyodo news agency.
UBS said Spain asked Switzerland for help in tax matters on Friday,agency Reuters reported. Similar requests came from France and the Netherlands earlier this year. Last month, however, the Federal Court has given the green light to the delivery of data to the Netherlands for a UBS Dutch client, disavowing the TAF that was opposed in March.
Ford Australia will close its production line in Broadmeadows on Friday, 91 years on, the final Ford Falcon will roll off the production line. On the same day, Ford's rival Holden will close Cruze production in Adelaide, and Ford will shutter its engine plant in Geelong. In the course of the next year, Australia’s three car makers, Toyota too, will shut down completely. In all, more than 5,000 production jobs, plus many more white collar and supplier positions, will be lost. Ford will reportedly continue operations in Australia, with product development, research and parts sales to carry on.
France's industrial production rebounded more than expected in August, figures from the statistical office Insee showed Friday. Industrial output grew 2.1% in August from July, when it fell by revised 0.5%. This was the fastest growth since December 2014, when it advanced 3.7%. Forecast's economists were a moderate 0.6% growth after July's initially estimated decrease of 0.6%. Following three months of declines, which is partially linked to strikes and blockades in May and June, it's a good news for French economy. Likewise, manufacturing output gained 2.2% in August, the biggest since late 2014 and reversed a revised 0.2% drop in July. Output was expected to gain 0.3%. Production for July was revised from 0.3 %. Construction output declined 2.6% after expanding 3.4% a month ago. During three months to August, industrial production dropped 0.5% and manufacturing fell 0.2% from the previous three months.
EasyJet is enduring a very challenging period. The low cost company flew a record 22 million passengers in the three months to Sept. 30, but revenue per seat fell by 8.7% from the same period last year, at constant currency as EasyJet has invested in pricing in order to boost passenger numbers. This included a strong load factor of 93.9%, with passengers benefitting from low fares across its network.
Only a little more than half a year is remaining until implementation of PRIIPs and MiFID II, and th
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