09h30 AM

Good Morning!

European equities are trading lower this morning on the back of weaker markets across Asia and a surprise profit warning by German banking heavyweight Deutsche Bank.
Markets in Asia are being pressured by several important Chinese economic data releases including 4Q GDP, industrial production and retail sales data all indicating a slowdown in growth for the world's second biggest economy. While the slowdown doesn't necessarily come as a surprise and has been widely expected as several important economic indicators over the past few months consistently failed to match expectations at this stage it is very much unclear how pronounced the slowdown is likely to be.
There is very little economic data released today additionally the US is closed to the Martin Luther King jnr. Holiday.
Concerning Deutsche Bank, 4Q is historically not the best anyway for the German bank furthermore the picture there doesn't necessarily differ that much from other big banks concerning higher litigation and restructuring costs dominating the earnings release. Overall while the pre-announcement and the extend of the loss is disappointing for 2014 Deutsche Bank seems to be well placed not only will there be more certainty as Deusche Bank continues to make progress in settling lawsuits but also the bank is likely to benefit from an increase in takeover and merger activity as the global economy continues to recover as a whole. Overall sentiment remains positive, with trading volume is expected to be on the light side due to the holiday in the US. However considered that markets have risen sharply in the past few weeks today's disappointing news by Deutsche Bank and out of China might serve as a welcome 'excuse' to take some profits and money off the table especially as many considering a slight correction as very much overdue.

Thank you.

Kind regards

Markus Huber | Senior Sales-Trader/Senior Analyst
Peregrine & Black
www.peregrineblack.com

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