DE30: Deutsche Bank se revaloriza tras anunciar su plan de reestructuración

Resumen:

• Suave arranque de la sesión actual para los mercados de renta variable europea
• Los bonos griegos pierden valor nuevamente con el anuncio de elecciones anticipadas el pasado fin de semana
• Deutsche Bank (DBK.DE en xStation5) se revaloriza en respuesta al plan de reestructuración anunciado 

El comienzo de la sesión actual en Europa ha sido suave en comparación con las considerables caídas en el mercado asiático. No obstante, la aversión al riesgo se ha reducido en los últimos tiempos, hasta el punto de empujar a los alcistas a tomar la voz cantante en los mercados de nuevo. En cuanto a eventos reseñables en Europa, cabe destacar las elecciones anticipadas en Grecia el pasado fin de semana, donde la Nueva Democracia de centro-derecha triunfó categóricamente con una cómoda ventaja en el parlamento. Como resultado, el líder del partido será nombrado Presidente de Grecia en sustitución del actual, Tsipras.

After more than 10 years since the GFC Greece still feels the pain of this event. Source: BBC

A markets’ response to the elections’ outcome has been positive as Greek bond yields have fallen markedly right after the opening, however, they have erased some of these falls ever since. Let us notice that New Democracy has promised to cut taxes as well as privitize services in the country. It needs to be said that the Greek economy is still feeling the pain of the 2008 financial crisis with unemployment being well above the EU average let alone unemployment among those who are under 25, as evidenced by the chart above.

Looking at the daily chart of the DE30 one may notice that the price managed to stay above the key support line at around 12470 points. As a result, bulls are trying to take control at the beginning of the new week as they may still hope for reaching the highs nearby 13100 points. Looking ahead, investors need to remember about the upcoming earnings season which can substantially affect stocks’ valuation. Source: xStation5

Moving to news from companies it is worth focusing on Deutsche Bank being the largest market mover within the DE30. It is a response to a plan announced over by the German lender over the past weekend. It includes significant job cuts of 18k, the downsizing of DB’s investment division, the creation of a bad bank as well as changes to its management team. What is also crucial for current shareholders, the German bank announced it would cancel the dividend for this and the following year. The bank estimates restructuring costs to be at around 3 billion EUR in the second quarter and as much as 5.1 billion EUR over the entire year. When it comes to personal changes, the bank said that retail chief Strauss and Chief Regulatory Officer Matherat would leave the company this month. On top of that, three board members were appointed including Riley (responsible for the Americas), Leukert (responsible for data and innovation) and Simon (responsible for overseeing regulatory and legal affairs). In response to these announcements DB shares are trading higher this morning while the company’s 5Y credit default swap has declined as many as 13 bps to its lowest level since March.

DB shares are leading the gains within the DE30 on Monday following the major restructuring plan. Source: Bloomberg