HALISTER: Ex-Deutsche Bank’s Neske Said Poised to Become CEO of LBBW

Ex-Deutsche Bank’s Neske Said Poised to Become CEO of LBBW

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
DBK GR (Deutsche Bank AG)
2525Z GR (LBBW)

People
Rainer Neske (Deutsche Bank AG)
Christian Sewing (Deutsche Bank AG)
Hans-Joerg Vetter (LBBW)
Martin Blessing (Commerzbank AG)

Topics
Who's News - People
Management Changes

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UUID: 7947283

HALISTER: Goldman, Morgan Stanley Raised; Deutsche Top Pick at JPMorgan

Goldman, Morgan Stanley Raised; Deutsche Top Pick at JPMorgan

(Bloomberg) -- Goldman Sachs rating raised to overweight from underweight, Morgan Stanley raised to overweight from neutral with Deutsche Bank top pick in global banks pecking order, JPMorgan says in two notes on banks today.
  • Goldman Sachs is top pick among U.S. peers
  • Sees no liquidity crisis in European investment banks, including Deutsche Bank
  • No positive risk/reward at Credit Suisse, cuts to neutral vs overweight
  • Global IB ranking in order: Deutsche Bank, Goldman Sachs, Morgan Stanley, Barclays, UBS, Credit Suisse, Societe Generale, BNP Paribas
  • European IBs face earnings risk from tough credit trading environment, low deal flows, weak equity markets
  • Sees 2016 FICC down 18% y/y, Equities down 16%, IBD down 29%
  • Sees 2016 IB revenues down 21% and 2017 revenues rising 7%
  • Raises global IB sector to overweight
  • Don’t buy European banks yet as earnings, dividends will surprise on downside
  • U.S. banks offer better value
  • Among Europeans, focus on dividend delivery such as at Danske, Lloyds, Erste
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  • European Banks’ Geopolitical Risk Is Rising, Mediobanca Says
  • EU Banks May Have S/T Bounces, UBS Says; Lloyds, ING Recommended
  • European Banks Face Energy Sector Loan Losses of $27b: BofAML
  • Bernstein Sees $70b of High Yield Energy Default by 2019
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
MS US (Morgan Stanley)
GLE FP (Societe Generale SA)
GS US (Goldman Sachs Group Inc/The)
DBK GR (Deutsche Bank AG)
BNP FP (BNP Paribas SA)

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UUID: 7947283

HALISTER1: U.K. CPI Seen Edging Up on Oil Base Effects, Weaker GBP Support

U.K. CPI Seen Edging Up on Oil Base Effects, Weaker GBP Support

(Bloomberg) -- U.K. Jan. CPI y/y is expected to nudge higher for a third month even as slide in oil prices may keep headline number below the BOE’s 2% target throughout 2016.
  • NOTE: U.K. Jan CPI est. 0.3% y/y vs prior 0.2% (majority of forecasts in the range of 0.3% to 0.5%); core CPI est. 1.3% y/y vs prior 1.4%
  • The first reading of the year often carries more uncertainty than usual thanks to a re-weighting of the basket of goods, BI economist Dan Hanson writes
    • Smaller declines in fuel prices between Dec. and Jan. compared with the same point last year, and a weakening pound, are likely to have a positive impact on the headline figure
  • Expect headline CPI to print at 0.5% y/y, as base effects from oil prices and food price wars fall out, Barclays analysts say
  • RBC analysts too expect a reading of 0.5% for Jan. but say energy providers cutting bills and the dramatic downward moves in the oil price means expect CPI inflation will rise to 0.9% y/y by end-2016 vs 1.2% prior forecast
  • NOTE: Inflation as low as it is, has had an impact on nominal wage settlements; an immediate rate rise not necessary, BOE’s McCafferty told WSJ yday
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283