Centre-left SPD and their candidate, Olaf Scholz, secured a narrow win in the German election which saw Angela Merkel’s centre-right CDU party and their candidate, Armin Laschet, plunge to a historic low. Parties will embark on “exploratory talks” to form a government, with a three-way coalition considered the most likely.
Germany Economy in an ‘Unexpectedly Fast’ V-Shaped Recovery
German economy minister Peter Altmaier believes Germanyin an ‘unexpectedly fast’ V-shaped recovery. Despite Coronavirus fears global markets have soared to record highs and economies are saatring to life as PMI show life. The German government revised it’ 2020 GDP forecast to -5.8% from -6.3% previously.
Germany Looking To Ease Capital Buffers On Banks
With the Coronavirus fears crashing global markets and economies Germany is weighing up easing counter-cyclical capital buffers for banks. Deutsche Bank shares have dropped to fresh multi-decade lows as default probability rises.
Australia To Charge Deutsche Bank, Citigroup and ANZ With Being Criminal Cartel
Australia in an unprecedented move announced it is preparing criminal cartel charges against ANZ and underwriters Deutsche Bank and Citigroup over a 2015 $2.3 billion share issue. Potentially institutional capital raisings in global capital markets will be affected.