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Aug. 26, 2021, 8:27 a.m. EDT

DWS sees $1.3 billion hit to market cap on report of U.S. probe into ESG labelling

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By Steve Goldstein

The market cap of German fund manager DWS fell by €1.15 billion ($1.35 billion) on a report U.S. authorities are investigating whether it overstated how it applied sustainable investing criteria.

The Wall Street Journal report on the U.S. investigation triggered a 13% drop in DWS /zigman2/quotes/210227291/delayed XE:DWS -0.62% , which is 80% owned by Deutsche Bank /zigman2/quotes/207242873/delayed XE:DBK -0.92% , which fell 3%. The WSJ report said both the Securities and Exchange Commission, and the U.S. attorney’s office in Brooklyn, were investigating. Neither the firm nor the agencies commented on the report.

European stocks more broadly slipped on Thursday as basic resources stocks fell ahead of the speech by Federal Reserve Chair Jerome Powell on Friday.

The Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP +0.51% fell 0.4% to 470.08, with Rio Tinto /zigman2/quotes/208934945/delayed UK:RIO -1.31% and BHP Group /zigman2/quotes/203323256/delayed UK:BHP +1.17% each losing ground.

Of the major regional indexes, the German DAX /zigman2/quotes/210597999/delayed DX:DAX +0.65% declined 0.6%, the French CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 +0.30% declined 0.4% and the U.K. FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX -0.06% declined 0.3%.

The biggest Stoxx 600 gainer was Vivendi /zigman2/quotes/202179234/delayed FR:VIV +1.47% , which rose 4% after holding an investor presentation on Universal Music Group, ahead of its planned listing in Amsterdam. Barclays upgraded the stock to overweight from equal weight, saying the new forecasts on margins for the medium term — in the mid-20s — is the most important take-away from the seminar.

/zigman2/quotes/210227291/delayed
XE : Germany: Xetra
38.32
-0.24 -0.62%
Volume: 124,419
Jan. 20, 2022 6:30p
P/E Ratio
11.72
Dividend Yield
5.22%
Market Cap
€7.71 billion
Rev. per Employee
€979,825
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/zigman2/quotes/207242873/delayed
XE : Germany: Xetra
11.68
-0.11 -0.92%
Volume: 7.58M
Jan. 20, 2022 6:30p
P/E Ratio
11.17
Dividend Yield
0.00%
Market Cap
€24.33 billion
Rev. per Employee
€361,497
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/zigman2/quotes/210599654/delayed
XX : STOXX
483.35
+2.45 +0.51%
Volume: 0.00
Jan. 20, 2022 5:50p
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/zigman2/quotes/208934945/delayed
UK : U.K.: London
5,580.00 p
-74.00 -1.31%
Volume: 2.93M
Jan. 20, 2022 4:35p
P/E Ratio
6.58
Dividend Yield
11.22%
Market Cap
£92.12 billion
Rev. per Employee
£909,114
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/zigman2/quotes/203323256/delayed
UK : U.K.: London
2,502.50 p
+29.00 +1.17%
Volume: 9.70M
Jan. 20, 2022 4:35p
P/E Ratio
15.25
Dividend Yield
8.69%
Market Cap
£125.00 billion
Rev. per Employee
N/A
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/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
15,912.33
+102.61 +0.65%
Volume: 62,979
Jan. 20, 2022 6:30p
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/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
7,194.16
+21.18 +0.30%
Volume: 76,932
Jan. 20, 2022 6:05p
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/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,585.01
-4.65 -0.06%
Volume: 712,039
Jan. 20, 2022 4:58p
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/zigman2/quotes/202179234/delayed
FR : France: Euronext Paris
11.75
+0.17 +1.47%
Volume: 2.60M
Jan. 20, 2022 5:35p
P/E Ratio
11.17
Dividend Yield
5.11%
Market Cap
€12.12 billion
Rev. per Employee
N/A
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