Deutsche Bank
Deutsche Bank
Coordinates: 50°6′50″N 8°40′7″E / 50.11389°N 8.66861°E / 50.11389; 8.66861...
although believe bring deal door left open politely satellite
Although Thales politely left the door open to a subsequent deal with EADS, which could bring Thales to its satellite business, we believe this is unlikely.
clearly european remains upside
The valuation of European equities remains supportive, but the upside is clearly shrinking.
asia believe demand despite elsewhere evidence growth higher oil relative somewhat
Oil demand elsewhere in Asia has slowed somewhat relative to 2004, but is still growing. Despite some evidence that demand growth has been impacted by higher prices, we believe this is temporarily moderating demand.
british companies energy european exposed power wholesale
Companies exposed to European wholesale power prices, especially British Energy and E.ON, should benefit.
cash despite flow remain returned strong time
Despite these negatives, a strong cash flow has ensured that monies returned to shareholders remain at all time highs.
actual evident export growth note order recent
It is important to note that the divergence between actual export growth and export order growth has become increasingly evident in recent months.
buy capable clarity group impossible months present stock structure within
We feel it is impossible to present a Buy recommendation on a stock which is capable of being declared insolvent within two months and for which we have no clarity on the prospective group structure and strategy.
economy economy-and-economics global high impact major oil prices
High oil prices and their impact on the global economy are a major risk.
profit
Excluding this, pretax profit should be up 9 percent.
expect fueled solid strong subscriber
Once again, we expect a very solid quarter, fueled by strong subscriber growth.
attractive entry opportunity price recent share weakness
After the recent share price weakness we see an attractive entry opportunity now.
activity banking declining due lower principal private reason securities
In our private banking division, declining securities revenues due to lower activity in the U.S.A. was the principal reason for lower profits.
balance demand expect extremely fact low major natural needed oil pressure snow stocks
By first snow we expect extremely low stocks of heating oil and natural gas, with major pressure on refineries that need to (have maintenance). The fact is, some demand destruction is needed to balance this market.
conduct events finding involving isolated number question small systems took
The events in question took place over two years ago and were isolated instances involving a small number of individuals. There is no finding of deliberately wrongful conduct or of systems failures.