Felix Wagner 
Julius Baer maintains a bearish outlook on crude oil (Brent), predicting further price declines despite significant recent corrections. The firm references the ‘ketchup effect’ as justification for continued downward pressure on oil prices.
Gulf state sovereign wealth funds are participating in the corporate pension outsourcing market through an investment in Vedra Pensions, which has assumed pension liabilities from major corporations such as Ceconomy. The deal involves a financial investor and a team of investors backed by Gulf capital.
SIX announced the immediate departure of Rafael Moral Santiago, who headed the Securities Services division and sat on the management committee. He had held the position for approximately one year. Marion Leslie will temporarily lead the Securities Services business unit while SIX conducts a search for a permanent replacement.
Wage negotiations between Postbank and union Verdi have failed. The union has threatened to hold a ballot on indefinite strikes and plans another round of negotiations before proceeding with strike action.
The planned agreement between the USA and Iran led to significant stock market gains on the DAX index, with MTU Aero Engines showing particularly strong gains. However, some experts warn against premature euphoria.
V-Bank, Germany’s largest custodian bank for independent wealth managers, became victim of a professional cyberattack resulting in theft of customer data. The bank confirmed no funds were compromised.
Austrian chip-component maker Austria Technologie & Systemtechnik AG saw its shares rally significantly after announcing a supply deal with AMD. The company raised its guidance and pledged increased output and investment following the agreement.
German shoe manufacturer Birkenstock announced plans for its first bond issuance in five years. The company recently announced a million-euro share buyback program to support its stock price and is now raising fresh capital through bonds.
The French bank Rothschild has acquired the family office division of Hamburg-based private bank Marcard, Stein & Co from M.M. Warburg & Co. This acquisition marks Rothschild’s first acquisition of a German banking license. Approximately 80 employees will transfer to the new owner.
Scope Ratings, a European rating agency, warns that risks to US public finances are rising faster than expected and hints at a possible downgrade of US sovereign debt in an unpublished report. The timing is described as sensitive.