Deutsche Bank shifts large part of euro clearing to Frankfurt from London

Above, the Frankfurt headquarters of Deutsche Bank which moved a large part of its euro clearing activity to the German city from London. (Reuters)
Updated 30 July 2018
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Deutsche Bank shifts large part of euro clearing to Frankfurt from London

FRANKFURT: Deutsche Bank has moved a “large part” of its euro clearing activity to Frankfurt from London, a spokesman confirmed on Monday.
The shift by Germany’s largest bank is a boon to Deutsche Boerse’s goal of stealing a large part of the euro clearing market from London as Britain exits the European Union.
The Financial Times was first to report the shift in clearing.
The move is largely symbolic, with no jobs transfers as a result. A Deutsche Bank spokesman said that the bank is effectively pushing a different button to route the clearing to Eurex, Deutsche Boerse’s clearing division.
A spokeswoman for Eurex said that it now has a market share of 8 percent of euro clearing, up from virtually zero a year ago.


Oil eases from 4-month high on global growth worries

Updated 59 min 8 sec ago
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Oil eases from 4-month high on global growth worries

  • The losses came amid worries over global economic growth after the US Federal Reserve highlighted signs of a slowing economy
SYDNEY: Oil prices edged lower on Thursday, retreating from a four-month peak, as fears of a slowing global economy weighed on market sentiment.
US West Texas Intermediate (WTI) crude futures were at $60.16 per barrel at 0040 GMT, down 7 cents, or 0.1 percent, from their last settlement. WTI had earlier hit a high of $60.19 a barrel — the highest since November 12.
International Brent crude oil futures were at $68.47 a barrel, down 3 cents from their last close. Brent touched $68.57 a barrel on Wednesday, its highest since November 13.
The losses came amid worries over global economic growth after the US Federal Reserve highlighted signs of a slowing economy.
Markets have been underpinned, however, by efforts led by the Organization of the Petroleum Exporting Countries (OPEC) to curb supply, and losses were checked as widely watched US data showed supplies were tightening.
“Oil markets appear convinced that the continued effects of the Saudi Arabia oil production cuts and falling exports to the US will continue to outweigh the concerns of rising US production,” said Alfonso Esparza, senior market analyst at brokerage, OANDA.
US crude oil stockpiles last week fell by nearly 10 million barrels, the most since July, boosted by strong export and refining demand, the Energy Information Administration said on Wednesday.
Stockpiles fell 9.6 million barrels, compared with analysts’ expectations for an increase of 309,000 barrels. The draw brought stockpiles to their lowest since January.
Gasoline and distillate inventories both fell by more than expected. Gasoline stocks fell by 4.6 million barrels, while distillate inventories fell by 4.1 million barrels.