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July 24, 2019, 12:10 p.m. EDT

Deutsche Bank shares slide as Europe stocks drift before ECB meeting

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By Steve Goldstein, MarketWatch


Associated Press
Deutsche Bank shares dropped after reporting a steep second-quarter loss.

Deutsche Bank shares declined Wednesday in an otherwise listless European stock market which paused ahead of a critical European Central Bank decision.

The Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP -3.26% closed a touch higher at 391.73.

The U.K. FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX -5.25% fell 0.7% to 7,501.46, hurt after a brokerage downgrade of heavyweight miners Rio Tinto /zigman2/quotes/208934945/delayed UK:RIO -5.92%  , BHP Group /zigman2/quotes/203323256/delayed UK:BHP -6.88%   and Anglo American /zigman2/quotes/201381512/delayed UK:AAL -3.15%  . See London Markets.

The German DAX /zigman2/quotes/210597999/delayed DX:DAX -3.68%   rose 0.3% to 12,522.89 while the French CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 -4.23%  lost 0.2% to 5,605.87.

What’s moving markets

The mood in markets was hurt after the U.S. Justice Department announced late Tuesday it was probing the U.S. technology giants that have carried stock markets higher.

Closer to home, purchasing managers indexes in Europe flagged rough economic conditions, with flash German manufacturing PMI sliding to an 84-month low of 43.1 in July. Eurozone manufacturing PMI fell to an 75-month low. Any reading below 50 indicates contracting conditions.

Against that weak backdrop, the ECB on Thursday is expected to lay the groundwork for an interest-rate cut in September.

Related : It’s the ECB’s turn to take a step toward further easing when it meets Thursday

Focus stocks

Deutsche Bank shares /zigman2/quotes/205584254/delayed DE:DBK -6.51%   /zigman2/quotes/203042512/composite DB -7.44%  ended 1.9% lower. Deutsche Bank reported a €3.15 billion loss in the second quarter, after taking a €3.4 billion restructuring charge, which was larger than it previously flagged. Excluding the charge, it would’ve reported a lower-than-expected €231 million loss.

Deutsche Bank shares have lost 33% over the last 12 months.

Battered U.K. broadcaster ITV /zigman2/quotes/205378065/delayed UK:ITV -7.10%   enjoyed some relief, with the stock jumping nearly 7%. The country’s largest commercial broadcaster reported a 16% drop in first-half pretax profit and announced new cost savings. The stock is still down 34% over the last 12 months.

Shares of chip equipment maker ASM International /zigman2/quotes/201180544/delayed NL:ASM -4.42%  leapt 7%, with the company reporting a doubling of second-quarter profit and new orders and a €100 million buyback program.

/zigman2/quotes/210599654/delayed
XX : STOXX
310.90
-10.48 -3.26%
Volume: 0.00
March 27, 2020 5:50p
loading...
/zigman2/quotes/210598409/delayed
UK : FTSE UK
5,510.33
-305.40 -5.25%
Volume: 834,872
March 27, 2020 4:45p
loading...
/zigman2/quotes/208934945/delayed
UK : U.K.: London
3,528.00 p
-222.00 -5.92%
Volume: 4.79M
March 27, 2020 4:35p
P/E Ratio
9.23
Dividend Yield
9.94%
Market Cap
£60.93 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203323256/delayed
UK : U.K.: London
1,187.60 p
-87.80 -6.88%
Volume: 9.92M
March 27, 2020 4:35p
P/E Ratio
8.16
Dividend Yield
9.49%
Market Cap
£64.49 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/201381512/delayed
UK : U.K.: London
1,352.00 p
-44.00 -3.15%
Volume: 4.59M
March 27, 2020 4:35p
P/E Ratio
6.25
Dividend Yield
6.53%
Market Cap
£17.11 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
9,632.52
-368.44 -3.68%
Volume: 110,083
March 27, 2020 6:30p
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/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
4,351.49
-192.09 -4.23%
Volume: 90,181
March 27, 2020 6:05p
loading...
/zigman2/quotes/205584254/delayed
DE : Germany: Frankfurt
5.89
-0.41 -6.51%
Volume: 397,049
March 27, 2020 8:58p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
€417,912
loading...
/zigman2/quotes/203042512/composite
US : U.S.: NYSE
$ 6.47
-0.52 -7.44%
Volume: 6.17M
March 27, 2020 6:30p
P/E Ratio
N/A
Dividend Yield
1.90%
Market Cap
$14.44 billion
Rev. per Employee
$493,032
loading...
/zigman2/quotes/205378065/delayed
UK : U.K.: London
66.96 p
-5.12 -7.10%
Volume: 22.10M
March 27, 2020 4:35p
P/E Ratio
5.69
Dividend Yield
3.88%
Market Cap
£2.88 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/201180544/delayed
NL : Netherlands: Euronext Amsterdam
84.36
-3.90 -4.42%
Volume: 478,004
March 27, 2020 5:35p
P/E Ratio
12.85
Dividend Yield
N/A
Market Cap
€4.31 billion
Rev. per Employee
€375,094
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Steve Goldstein is MarketWatch markets editor for Europe. Follow him on Twitter: @MKTWgoldstein.

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