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Copper Tip Energy Services
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Copper Tip Energy

Five Things to Know in World Business Today

These translations are done via Google Translate

April 9, 2018, by Lorcan Roche Kelly


Sewing up

Deutsche Bank AG said it has named Christian Sewing chief executive officer after a supervisory board meeting yesterday. Shares in the German lender gained as much as 4.7 percent in Frankfurt trading this morning. The appointment of Sewing ends John Cryan’s term at the helm after less than three years, as investors became increasingly frustrated with the lack of results from his turnaround plans. The decision to give the job to an insider is seen as a “safety first” choice after weeks of rumors about attempts to lure outside heavy-hitters for the position.

China move?

As China weighs its next move in the continuing trade spat with the U.S., people familiar with the matter say the country is looking at the potential impact of a gradual depreciation of the yuan. One piece of analysis said to have been prepared for senior officials looks at the effect of using the currency as a tool in trade negotiations with the Trump administration. Among the factors likely to influence any decision on the matter is the risk of the U.S. Treasury department labeling the country a “currency manipulator” in its semiannual currency report due later this month. Investors will watch tomorrow’s speech at China’s Boao Forum by President Xi Jinping for any clues as to the administration’s next move on the standoff with the U.S.

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Markets rise

Friday’s dour end to U.S. trading is fading from memory as global benchmark indexes start the week on a positive note. Overnight, the MSCI Asia Pacific Index gained 0.5 percent, while Japan’s Topix Index ended the session 0.4 percent higher. In Europe, the Stoxx 600 Index was 0.5 percent higher at 5:35 a.m. Eastern Time, with Deutsche Bank among the region’s biggest gainers. London-listed Russian miners are falling following the U.S. sanctions announced on Friday. S&P 500 futures were solidly higher, the 10-year Treasury yield was at 2.797 percent and gold was slightly lower.

Brexit II

A poll conducted for the pro-remain group Best for Britain by YouGov shows a majority of Britons support the idea of a second referendum on any final Brexit deal secured by Prime Minister Theresa May. With her calendar already full of Brexit-related negotiations, it is unlikely May will give into demands for another vote. Meanwhile, on the ground in the U.K., the country’s exit from the European Union has been supplanted as the biggest risk facing companies by potentially weaker growth in the economy, according to a survey of chief financial officers.


The week has barely begun, and already it’s shaping up to be a big one for global commodities. The price of aluminum jumped as much as 4 percent, while shares in Russian billionaire Oleg Deripaska’s United Co. Rusal — the biggest aluminum maker outside China — plunged after Friday’s U.S. sanctions announcement highlighted supply concerns. Trade tensions continue to weigh on the oil price, with a barrel of West Texas Intermediate for May delivery trading at $62.18, close to a three-week low. Finally, there may be some good news on the trade front from Lima, Peru this week as expectations mount for the announcement of a preliminary Nafta trade deal at the gathering of heads of state there.

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