- REUTERS/Kai Pfaffenbach
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Deutsche Bank has had a tough 24-hours.
The German bank’s shares crashed after it confirmed that the US is seeking a $14 billion (£10.4 billion) settlement over the sale of mortgage-backed securities. The bank said in a statement it “has no intent” to settle the claims “anywhere near” that number. The German bank said in its second quarter earnings that it had 5.5 billion euros ($6.2 billion) in litigation reserves set aside. The stock price ended the day down 8.5%.
The STOXX Banking Index, which tracks Europe’s biggest banks, closed down by almost 2.5%, reflecting a general worry in the markets about the outcome of Deutsche Bank’s fine, and what it will mean for the wider sector.
A $9 billion hedge fund gave an epic excuse for poor performance, and a fund started by former SAC Capital traders made a big hire.
In tech news, the implosion of Rothenberg Ventures, a venture firm known for its over-the-top parties and spending – as well as its young, charismatic founder, Mike Rothenberg – appears to have taken another dark turn.
Once-hot dating app Hinge made a secret bet 9 months ago to save the company, and these charts show how Amazon is blowing away competitors.
In economics news, the number of people on food stamps is plummeting at the fastest rate ever, and the number of new businesses in the US is collapsing.
Oil drillers are adding rigs at the fastest pace since before the oil crash.
Here are the top Wall Street headlines at midday:
Iran shouldn’t be underestimated in 2 key oil markets-China has been one of the biggest oil battlegrounds in recent years, with producers clawing at its coveted market share.
This commodity has been going ‘quietly parabolic’-In case you missed it, coking coal has been going nuts in the last few weeks.
Business owners have never been this nervous about a presidential election-Donald Trump and Hillary Clinton are making small business owners cautious, historically cautious.
S&P just upgraded Russia’s outlook–S&P just revised its outlook on Russia to stable from negative.
Inflation in America is all about 2 things-Housing and medical costs remain the two biggest drivers of inflation.
Mutual fund managers are looking at private assets-With traditional dividend-paying stocks such as utilities and telecom companies trading near record highs, US mutual fund managers desperate for income are increasingly taking a new tack: going private instead.
The Ducati XDiavel is Italy’s answer to Harley-Davidson– There are few brands in the world of motorcycles more sought after than Ducati.
9 classic men’s style rules that you still have to follow-Sometimes, you really should listen to your elders.