Global shares were in a muted mood on Monday after strong U.S. job gains tempered expectations the Federal Reserve will deliver a large rate cut, but Deutsche Bank gained nearly 4% as it launched a major restructuring.
In Turkey, the lira, stocks and government dollar bonds weakened after President dismissed the central bank governor.
Deutsche Bank (DBKGn.DE) shares touched their highest since early May as investors welcomed the bank’s move to cut 18,000 jobs around the world as part of a restructuring plan that will cost 7.4 billion euros.
Shares in other European investment banks UBS, Credit Suisse and Societe Generale were up more than 1%, while Barclays is up 0.3% and HSBC is down around 1%.
In Asia there was a wide sell-off in stocks, with MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS losing 1.4% and China’s blue-chip CSI300 index .CSI300 down 2.32%, its biggest daily loss since May 17.
The Greek stock index .ATG rallied at first before erasing gains and slipping 1.2%. Greek 10-year bond yields fell by 14 basis points in early trade to hit new all-time lows of 2.016%, reversing the 12 basis point yield rise on Friday.
In currency markets, the dollar index stood at 97.229 .DXY in early London trading, below the near three-week high of 97.443 it hit on Friday.
The euro, which dropped to $1.1208 EUROEBS on Friday, traded at $1.1225, unchanged on the day.
In commodity markets, oil prices rose with Brent crude futures LCOc1 up 8 cents at $64.31. U.S.
Spot gold XAUO gained 0.4% to $1,405.77 an ounce.