Deutsche Bank has announced its second-quarter profits will comfortably beat analysts' forecasts, with an expected net income of around €400 million against the predicted €159 million, and pre-tax profit of about €700 million against €321 million. prompting an abrupt rise for the bank's share price yesterday. The full results will be published July 25.
Using Elliott Wave methods to examine the Standard & Poor's 500 index, technical analyst Avi Gilburt writes that the downturn he predicted for this summer now looks likely to start in next week or so. However, he acknowledges that important wave patterns in the chart have yet to be confirmed and the index could still conceivably break marginally above 3,000, or alternatively head down toward 2,650.
Netflix shares fell about 12% in after-hours trading after the company reported subscriber growth and earnings falling short of analyst expectations, telling shareholders in a letter that it "over-forecasted" global and domestic subscriber growth. However, it shows an overall surge of more than 100% so far this year and is still leading the stock market upward, along with other tech giants such as Amazon and Facebook.
The global economic rebound is starting to show signs of vulnerability as trade tensions increase, says the International Monetary Fund's Global Economic Outlook. The IMF did not change its global forecast, but it cited the declining influence of US tax cuts and weak growth in Japan and Europe as threats to future growth.
Performance reviews can be nerve-wracking for leaders, especially when constructive criticism is required, Gerry Valentine writes. It's best to offer examples of specific, recent situations when making corrective feedback, he argues.
Out-of-pocket health care costs in retirement can total about $4,300 a year for the average retiree, according to the Center for Retirement Research at Boston College. These expenses may include Medicare and Medigap premiums, and health care costs are expected to rise.
The International Monetary Fund's latest World Economic Outlook report estimates that ongoing trade disputes could reduce global growth by 0.5% by 2020, or $430 billion, and warns that the US could be "especially vulnerable" and "the focus of global retaliation". IMF economic counsellor Maurice Obstfeld said: "Countries must resist inward-looking thinking and remember that on a range of problems of common interest, multilateral cooperation is vital."
The European Central Bank has advertised the post of bank supervisory chief; Daniele Nuoy is due to step down Dec. 31. Candidates will likely need the backing of their home governments, and Germany may not support anybody in order to give Bundesbank President Jens Weidmann a clear run next year to replace ECB chief Mario Draghi.
The UK's Financial Conduct Authority has released a study on prohibiting investment firms from charging customers to exit their platforms, and has invited comments before Sept. 21. The study contends that customers frequently find switching platforms too complex and time-consuming, with a significant number unaware they are being charged fees, or unsure of how much the fees are.
Natasha Cazenave, head of policy and international affairs at France's Autorite des Marches Financiers, has called for renewed enthusiasm for a European capital markets union in the light of Britain's imminent departure from the EU. The project has made little headway recently in the European Council or Parliament, but Cazenave said in an interview: "We have to think about what it means to have a region that is multipolar and where you will have a number of financial centres -- there isn't going to be an equivalent of London tomorrow."
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