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CORRECTED-European shares edge lower, Deutsche Bank rally limits losses

Published 07/08/2019, 03:42 PM
CORRECTED-European shares edge lower, Deutsche Bank rally limits losses
DBKGn
-
STOXX
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(Corrects milestone on Deutsche Bank shares in paragraph 2 to
highest since 'early May', not 'late April')
July 8 (Reuters) - European shares declined on Monday on
sobering expectations of an aggressive interest rate cut this
month by the U.S. Federal Reserve, but the losses were limited
by a 2.7% jump in Deutsche Bank after it announced job cuts and
launched a major overhaul.
Shares of the German lender DBKGn.DE touched their highest
since early May after it announced a restructuring plan that
will cost 7.4 billion euros ($8.3 billion) and see it undo years
of work that had aimed to make its investment bank a major force
on Wall Street. The move comes after Chief Executive Officer Christian
Sewing had flagged the restructuring in May, seeking to convince
shareholders that he can turn around Germany's biggest lender
after shares hit a record low. This limited the slide in broader Europe, with the
pan-European STOXX 600 index .STOXX down 0.07% by 0707 GMT, as
they followed Asian shares into the red. MKTS/GLOB
Defensive stocks and financials weighed on the benchmark as
it extended last session's decline after strong U.S. jobs data
saw investors trimming bets of a 50 basis point interest rate
cut by the Federal Reserve in July.
Much of the global stocks rally since June has been spurred
by expectations of an accommodative monetary policy by major
central banks to tackle slowing growth as the damaging trade war
between United States and China takes its toll.


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