Monday 9 April 2018

Company news, markets and financial talking points, available from 8am Monday to Friday

Deutsche Bank sacked boss John Cryan

Deutsche Bank has fired its British boss John Cryan after three years of financial losses. The chief executive, who was appointed in July 2015, will leave Germany's biggest lender at the end of April. Recovery has been slow at the lender, even as the 57-year-old tried to cut costs and pull the bank from less profitable businesses and regions.

Dominic Chappell 'plans to sue Sir Philip Green'

The former owner of BHS, Dominic Chappell, plans to sue Sir Philip Green, reports the Daily Telegraph. In a bid to repair his "tarnished reputation", the thrice-bankrupt businessman will also appeal against a proposed boardroom ban. Chappell attacked the Insolvency Service plans to stop him from serving as a company director while taking no action against Sir Philip, saying the authority has "not got the guts to go after Green".

Weak consumer demand 'bigger concern than Brexit'

Weak demand from consumers is a bigger worry than Brexit, according to a survey of chief financial officers. Rising interest rates were also a considerable concern for finance managers. However, 20% of those surveyed said "they are more optimistic about the prospects for their company than they were three months ago", a rise from 18% in the three months to December.

High street chains being targeted by short sellers

A new study has found that high street stores and restaurants are being targeted by short sellers, notes The Times. Businesses including Debenhams, Marks & Spencer, WM Morrison and Ocado have been on the end of a 66% rise in the number of short positions over the past three years, while 38% of the top 50 shorted companies last year were consumer companies. Short selling is the sale of a security that is not owned by the seller, or that the seller has borrowed.

Billy Bragg invited to lecture Bank of England

The left-wing singer-songwriter Billy Bragg has been invited by the Bank of England to lecture City financiers about how to build a better society. "I’m not going to be calling for the overthrow of capitalism," said Bragg. However, he intends to focus on the "increasing alienation of ordinary citizens". He was invited by Andy Haldane, the Bank of England’s chief economist.

Quote of the day… Trump forecasts deal with China

"China will take down its trade barriers because it is the right thing to do. Taxes will become reciprocal and a deal will be made on intellectual property. Great future for both countries!" Taking to his beloved Twitter, Donald Trump seeks to allay fears of a trade war with China.

THE NUMBERS... AT 0706 GMT

FTSE 100: down -0.22 to 7183.64
Dow Jones: down -2.34 to 23932.76
Dax: down -0.52 to 12241.27
Cac 40: down -0.35 to 5258.24
Nikkei: up +0.59 to 21694.52
Hang Seng: up +1.25 to 30216.53
US dollar: buys €0.81410 and £0.70930
Sterling: buys $1.40960 and €1.14770
Oil: $66.99 down -2.0