6:11 [Zero Hedge] (E)
Market reaction to Italy’s Prime Minister resignation has rather been quiet. Yesterday, Italy-Germany government bond spread was moving lower, around 200 bps, and there was no sign of contagion to other PIIGS countries. Saxo model of periphery weighted spread to Germany (which is GDP weighted) was also down, at 177 bps, close to the lowest levels reached this year. Investors seem to believe that, in a central bank world, political risk does not matter as long as it is not linked to Eurozone/EU membership.
6:10 [Zero Hedge] (E)
... when the dust settled, it turned out that Germany had managed to sell just €824 million of the total €2 billion target at a record low yield of -0.11%, with the Bundesbank forced to retain almost two-thirds of the entire issue as demand plunged. In other words, this was a failed auction.
13:09 [New Eastern Outlook] (E)
Peter Koenig - Pundits from the left, from the right and from the center cannot stop reporting about Greece’s misery. And rightly so. Because Greece, the vast majority of her people live in deep economic hardship. No hope. Unemployment is officially at 18%, with the real figure closer to 25% or 30%; pensions have been reduced about ten times since Syriza – the Socialist Party – took power in 2015 and loaded the country with debt and austerity. In the domain of public services, everything that has any value has been privatized and sold to foreign corporations or oligarchs. Hospitals, schools, public transportation – even some beaches – have been privatized and made unaffordable for the common people.
12:20 [youtube/the Duran] (E)
The Duran’s Alex Christoforou and Editor-in-Chief Alexander Mercouris discuss Deutsche Bank`s 18,000 job cuts by 2022, as part of a sweeping overhaul at the ailing German bank, which is transitioning out of high-risk investment banking.
7:43 [Zero Hedge] (E)
The bank which only a decade ago dominated equity and fixed income and sales trading and investment banking across the globe, and was Europe`s banking behemoth, is no more. On Sunday afternoon, in a widely telegraphed move, Deutsche Bank announced that it was exiting its equity sales and trading operation, resizing its once legendary Fixed Income and Rates operations and reducing risk-weighted assets currently allocated to these business by 40%, slashing as many as 20,000 jobs including many top officials, and creating a €74 billion "bad bank" as part of a reorganization which will cost up to €7.4 billion by the end of 2022 and which will result in another massive Q2 loss of €2.8 billion, as the bank hopes to slash costs by €17 billion in 2022, while ending dividends for 2019 and 2020 even as it hopes to achieve all this without new outside capital.