Property prices in China rose slowest in eight months Pace in August

China’s property prices rose at the slowest pace in eight months from a year earlier in August as officials cracked down on speculation and multiple purchases.
Values in 70 major cities climbed 9.3 percent, the statistics bureau’s newspaper, China Information News, reported today. That was less than the 10.3 percent increase in July and the median 10 percent estimate in a Bloomberg News survey of eight economists. Prices were unchanged from July.
The report reduces the case for Premier Wen Jiabao’s government to implement further tightening measures to damp asset bubbles in the world’s fastest-growing major economy. Property stocks dropped the most since June 30 in the past two days on speculation policy makers would take additional steps.
Moderating prices “make it less likely the government will tighten property measures for now,” Alan Jin, a property analyst at Samsung Securities Ltd. in Hong Kong, said ahead of the data. “But six months down the road, a slowdown in price growth won’t be enough, what the government really wants to do is bring prices down.”
The data come after reports that showed property transactions rising in August from July. Data compiled by Soufun.com, the nation’s largest property website, showed housing transactions in Shenzhen surged 84 percent last month from July, while sales rose 31 percent in Shanghai and 23 percent in Beijing.
Sales Gain
China Vanke Co., the nation’s largest listed developer, reported a 149 percent jump in August sales from a year earlier, and Poly Real Estate Group Co., the second largest, said sales almost doubled.
“This is a tug of war between the government and property developers and rebounding transactions may back some developers’ resolve not to cut prices,” Shen Jianguang, a Hong Kong-based economist at Mizuho Securities Asia Ltd., said before today’s release. “It’s the government’s credibility on the line if property prices fail to drop.”
A wave of new apartments is due to come onto the market in September and October which will trigger a decline in prices as developers compete to move their inventory, Stephen Green, head of China research at Standard Chartered Plc said yesterday.
--Li Yanping. With assistance from Jay Wang in Singapore. Editors: Nerys Avery, Paul Panckhurst
To contact Bloomberg News staff for this story: Li Yanping in Beijing at +86-10-6649-7568 or yli16@bloomberg.net
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Japanese Stock Futures Climb on Australias

Japanese and Australian stock futures rose as fewer people than estimated applied for jobless benefits in the U.S. and after the yen weakened.
American depositary receipts of Canon Inc., the world’s largest camera maker, jumped 1.8 percent from the closing share price in Tokyo after the company announced a share buyback plan. Those of Sekisui House Ltd., Japan’s largest homebuilder, climbed 2.2 percent after the company raised its profit forecast. ADRs of Telstra Corp., Australia’s largest telephone company, advanced 0.5 percent.
Futures on Japan’s Nikkei 225 Stock Average expiring in December closed at 9,095 in Chicago yesterday, compared with 9,035 in Singapore. They were bid in the pre-market at 9,100 in Osaka, Japan, at 8:05 a.m. local time. Futures on Australia’s S&P/ASX 200 Index gained 0.4 percent today. New Zealand’s NZX 50 Index was little changed Wellington.
“Recovery in corporate earnings in the U.S. is driving an increase in employment in the private sector,” said Juichi Wako, a senior strategist at Tokyo-based Nomura Holdings Inc. “Concern about the economy has eased.”
Futures on the Standard & Poor’s 500 Index climbed 0.3 percent. In New York, the index rose 0.5 percent to 1,104.18 as a bigger-than-estimated decrease in jobless claims bolstered optimism in the economic recovery.
Trade Deficit
Initial claims for unemployment benefits in the U.S. dropped by 27,000 to 451,000 last week, Labor Department figures showed yesterday, trailing the median estimate of 470,000 in a Bloomberg survey of economists. The trade deficit shrank 14 percent, the most since February 2009, to $42.8 billion, Commerce Department figures showed yesterday. Economists forecast a deficit of $47 billion, according to the survey median. Exports rose 1.8 percent to $153.3 billion, a two-year high.
The MSCI Asia Pacific Index has increased 0.9 percent in 2010, compared with a drop of 1 percent by the S&P 500 and a gain of 4.4 percent by the Stoxx Europe 600 Index. Stocks in the Asian benchmark are valued at 13.9 times estimated earnings, compared with 13.3 times for the S&P and 11.9 times for the Stoxx.
The yen depreciated to 83.98, compared with 83.64 against the dollar at the close of stock trading in Tokyo yesterday. Against the euro, Japan’s currency weakened to 106.54 from 106.16. The weaker yen boosts the value of sales generated overseas in local terms for Japanese companies.
The Baltic Dry Index, a measure of shipping costs for commodities, rose for nine consecutive days yesterday. Crude oil for the October contract increased as much as 0.7 percent to $74.75 a barrel in electronic trading on the New York Mercantile Exchange today.
Japan’s Cabinet Office is scheduled to announce revised figures for the nation’s gross domestic product in the second quarter at 8:50 a.m. in Tokyo. The median estimate of 21 economists surveyed by Bloomberg News was for 1.5 percent growth, compared with the 0.4 percent expansion reported in preliminary figures last month.
To contact the reporters for this story: Akiko Ikeda in Tokyo at iakiko@bloomberg.net; Toshiro Hasegawa in Tokyo at thasegawa6@bloomberg.net.
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Carrefour said Tesco Casino List of because potential buyers Unit

The world’s second- biggest retailer, put Tesco Plc and Casino Guichard-Perrachon SA on a shortlist of potential buyers for its Southeast Asian units, a deal that may be valued at about $1 billion, said three people with knowledge of the matter.
The potential buyers, which also include Japan’s Aeon Co., made indicative bids and will be asked to make binding offers for Carrefour’s Thailand, Malaysia and Singapore businesses around the end of October, said the people, who asked not to be identified because the talks are confidential.
Carrefour intends to sell the Southeast Asian businesses and focus on China and Indonesia. The Paris-based company plans to open 22 hypermarkets and 140 discount stores in China this year and add 13 stores in Indonesia, said Chief Executive Officer Lars Olofsson in May.
Greg Sage, a spokesman for Tesco, the U.K.’s largest supermarket chain, said the company doesn’t comment on such matters. Carrefour spokeswoman Florence Baranes-Cohen and Aeon spokesman Kenichi Suenami both declined to comment. Karine Allouis, a spokeswoman for Casino, which controls Thailand’s Big C Supercenter Pcl, didn’t immediately return calls and an e-mail seeking comment.
Earnings before interest, taxes, depreciation and amortization at Carrefour’s Thai business may rise more than 30 percent to about 2.8 billion baht ($90 million) this year, said two of the people. The Malaysia operations may post more than 20 percent earnings growth to about 128 million ringgit ($41 million), they said.
Dairy Farm
Based on the 2010 profit forecast and applying an eight times multiple, the Thai business may be worth $720 million, while Malaysia is worth about $328 million, the people said. The bidders may submit offers between seven and nine times the forecast earnings, the people said.
Hong Kong’s Dairy Farm International Holdings Ltd. and two other companies also made first-round, non-binding offers, the people said.
Dairy Farm spokeswoman Lancy Ng declined to comment.
The retailer will consider selling the units separately as potential buyers may not be interested in bidding for all three combined, people with knowledge of the matter said in July.
Carrefour is being advised on the deal by Goldman Sachs Group Inc. and UBS AG, the people said.
Asia was Carrefour’s smallest market by sales in 2009, accounting for about 7.5 percent of the total, according to the company’s website. France was the biggest, generating 43 percent, followed by the rest of Europe at 36 percent
Carrefour this year agreed to sell 40 percent of its Indonesian business to Trans Corp., forming a strategic partnership in the country. It didn’t disclose the price.
To contact the reporter on this story: Cathy Chan in Hong Kong at kchan14@bloomberg.net

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Stocks advance on jobless claims data treasury bills gold fall

Stocks climbed, Treasuries fell and gold dropped the most in almost three weeks as a bigger-than- forecast drop in U.S. jobless claims tempered concern the economic recovery is slowing. Australia’s dollar strengthened.
The S&P 500 advanced 0.5 percent to 1,104.18 at 4 p.m. in New York, paring a gain of as much as 1 percent after Bloomberg News reported that Deutsche Bank AG may sell as much as $11.4 billion in stock. The Stoxx Europe 600 Index added 1.1 percent, extending a four-month high. The yield on 10-year Treasuries rose 10 basis points to 2.75 percent and gold dropped 0.5 percent as investors pursued riskier assets. The Australian dollar appreciated against all 16 most-traded peers.
The drop in initial jobless claims follows a bigger-than- forecast increase in private U.S. payrolls last week and helped ease concern that the world’s largest economy was headed for a double-dip recession. Financial companies led gains in equities, with a measure of banks in the S&P 500 gaining 1.8 percent, as analysts predicted an increase in takeovers and share buybacks.
“Any positive news on the employment front is good news for stocks,” said Mark Bronzo, an Irvington, New York-based fund manager at Security Global Investors, which oversees $21 billion. “It helps alleviate the negative sentiment we’ve had over the summer as markets struggled because of pessimism about the economy.”
The S&P 500 rose for the sixth time in seven days after the Labor Department said first-time unemployment claims decreased by 27,000 to 451,000 in the week ended Sept. 4. Initial claims were projected to fall to 470,000, according to the median forecast of 46 economists in a Bloomberg survey.
Dividends, Mergers
Fifth Third Bancorp and Zions Bancorp climbed at least 2.6 percent to lead gains in banks after Rochdale Securities analyst Richard Bove said the lenders were vulnerable to takeovers because of cheap valuations, the likelihood they will meet new capital requirements and low levels of non-performing assets.
Large U.S. banks are well-positioned for new international capital requirements being drafted by the Basel Committee on Banking Supervision, Morgan Stanley analysts said. The so-called Basel III standards, which Group of 20 nations will review at a meeting in November, will enable U.S. banks such as JPMorgan Chase & Co. to boost dividends, the analysts wrote. Shares of JPMorgan rallied 2.5 percent.
U.S. equities pared gains after three people familiar with the matter told Bloomberg News that Deutsche Bank AG, Germany’s largest lender, approached investment banks to assess interest in managing a stock sale of as much as 9 billion euros ($11.4 billion.) Deutsche Bank’s U.S. shares tumbled 3.2 percent, wiping out an earlier 3.4 percent rally. S&P 500 financial shares rose 1.2 percent, paring a 2 percent advance.
‘Ugly Period’
“We just lived through a pretty ugly period based on concerns about bank capital adequacy, and the impetus for our most recent selloff from the end of April was driven by fear of European banks being in the same situation American banks were in in 2008,” said James Gaul, a money manager at Boston Advisors LLC in Boston, which manages $1.5 billion. “For such a large capital raise to be needed by this big German bank that should be one of the models of efficiency and stability, that could potentially make investors nervous.”
The Federal Reserve said yesterday the U.S. economy kept its expansion while showing “widespread signs of a deceleration” in mid-July through the end of August. European Central Bank council member Erkki Liikanen said a double dip in the global economy is “not likely.”
‘Extreme Bearishness’
The S&P 500 plunged 14 percent from its 2010 high on April 23 through the end of August amid signs the economic rebound was slowing. The measure has rebounded 5.2 percent this month as better-than-estimated reports on manufacturing and housing bolstered confidence in the recovery.
“Some of the extreme bearishness of the past few weeks has been flowing out,” said Stephen Halmarick, who helps manage about $135 billion as head of investment-markets research at Colonial First State Global Asset Management in Sydney.
Johnson & Johnson, Pfizer Inc. and Merck & Co. led a gauge of health-care stocks to a 1.2 percent gain, the second-biggest among 10 groups in the S&P 500, after a U.S. appeals court suspended a ban on stem-cell research while it reviews a district-court ruling.
Lifting the ban allows the government to temporarily resume funneling tens of millions of dollars to scientists that seek cures for diseases such as Parkinson’s, spinal cord injuries, and genetic conditions by studying cells taken from human embryos.
European Shares
More than five shares rose for every one that fell in Europe’s Stoxx 600, which added 2.76 points to 265.09. Daimler AG led carmakers higher, advancing 2.6 percent as Credit Suisse Group AG lifted its per-share earnings estimate. Home Retail Group Plc retreated 2.8 percent after forecasting profit at the bottom end of estimates.
Australia’s dollar appreciated 0.6 percent to 92.35 U.S. cents and climbed 0.5 percent to 77.42 yen. The nation’s employers added 30,900 workers in August, exceeding the median forecast for 25,000 in a Bloomberg News survey of 25 economists.
The U.S. dollar weakened against all but four of 16 major peers. The pound weakened 0.2 percent to $1.5439 after the U.K. trade deficit widened to a record.
Default Swaps
A gauge of corporate credit risk in the U.S. fell to the lowest since Aug. 10. The Markit CDX North America Investment Grade Index, a credit-default swaps benchmark that investors use to hedge against losses on corporate debt or to speculate on creditworthiness, declined as much as 2.9 basis points to a mid- price of 102.5 basis points. The index typically falls as investor confidence improves and rises as it deteriorates.
The 30-year Treasury bonds extended losses, pushing the yield up 11 basis points to 3.84 percent after the government’s $13 billion sale of the debt drew higher yields than traders forecast.
Greece’s 10-year bond yields fell 10 basis points to 11.72 percent. Norway, which has amassed the world’s second-biggest sovereign wealth fund, says Greece won’t default on its debts and its $450 billion Government Pension Fund Global has stocked up on Greek debt.
Ireland sold 400 million euros ($509 million) of treasury bills at the lower end of forecasts a day after the government said it will split Anglo Irish Bank Corp. to stabilize the cost of the bank bailout. Investors bid for 5.4 times the 250 million euros of debt sold due April 2011, up from 4.1 times at the Aug. 26 sale.
Global Stocks, Asia
The MSCI World Index of stocks in 24 developed nations gained 0.7 percent and earlier reached the highest level since Aug. 11. The MSCI Asia Pacific Index advanced 0.9 percent. National Australia Bank Ltd. rallied 3.7 percent on optimism it won’t need to raise capital to finance a takeover. SM Prime Holdings Inc., the Philippines’ biggest shopping-mall operator, jumped 9.7 percent after the nation’s exports increased.
The MSCI Emerging Markets Index advanced 0.4 percent. The Philippine Stock Exchange gained for an eighth day and closed up 2.6 percent at an all-time high. Russia’s Micex Index climbed 1.1 percent as oil advanced. China’s Shanghai Composite Index dropped 1.4 percent, the most in two weeks, as increasing property prices fueled concern the government will step up measures to curb speculation.
Crude oil fell, reversing earlier gains, after a government report showed U.S. inventories rose to the highest level since at least 1990. Oil for October delivery slipped 0.6 percent to $74.26 a barrel on the New York Mercantile Exchange.
Copper fell the most in a week as a report that Chinese regulators are investigating positions in rubber futures fueled speculation that some traders would be forced to sell commodities. Copper for delivery in three months fell 1.6 percent to $3.4435 a pound on the Comex in New York, the biggest lost for a most-active contract since Aug. 31. Rubber prices plunged in Shanghai, with declines spilling over into copper, zinc, soybeans and sugar, after the Securities Times report. Aluminum, zinc and lead also dropped in London.
To contact the reporters on this story: Stephen Kirkland in London at skirkland@bloomberg.net; Nikolaj Gammeltoft in New York at ngammeltoft@bloomberg.net

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Notice the pattern Castro in Cuba does not report the change may

Fidel Castro’s comment to a visiting U.S. journalist that Cuba’s economic system doesn’t work is the strongest signal yet that the communist island is looking to private enterprise and foreign investment to bolster growth.
“The Cuban model doesn’t even work for us anymore,” Castro told journalist Jeffrey Goldberg after being asked if he believed it was something still worth exporting, according to a post yesterday on The Atlantic magazine’s website. Castro didn’t elaborate on his comment, Goldberg said.
Since re-entering the public sphere in July following an illness that almost killed him, statements by the 84-year-old former president have focused on international affairs. His silence on domestic issues signals he is willing to allow his brother Raul to reduce state control of the economy, said Tomas Bilbao, executive director of the Washington-based Cuba Study Group, which promotes free-market overhaul of the Cuban economy.
“These are pragmatic admissions from an idealist,” Bilbao said. “Ever since he came back he has stayed away from talking about domestic issues which in itself is the best thing he can do to support his brother’s running of the country.”
Raul Castro, 79, has initiated measures to open the economy since being handed power by his brother in 2006. The moves come as the economy suffers its worst slide since the former Soviet Union ended its support in the 1990s, Bilbao said.
In a speech to the National Assembly on Aug. 1, Raul said that the government will allow more citizens to work for themselves rather than for the state. He warned that some government workers will lose their jobs to reduce inefficiency.
Property Laws
That month, the government loosened controls that prohibited Cubans from selling their own fruit and vegetables. It also eased property laws, extending lease periods to 99 years from 50 years for foreign investors in an effort to build up a tourism infrastructure and draw more visitors to the Caribbean island of 11.4 million people.
Cubans can now run private taxi companies, own mobile phones and operate their own barbershops. The state still controls 90 percent of the economy, paying workers salaries of about $20 a month in addition to free rationed food staples and health care, and nearly free housing and transportation.
The island’s economy is suffering after prices for exports such as sugar and seafood fell. Cuba, the world’s seventh- biggest nickel exporter, has seen the price of that metal tumble 59 percent this year.
Nickel Exports
The decline in export revenues comes after hurricanes Ike, Gustav and Paloma caused damages equal to a fifth of gross domestic product, Raul Castro said in a December 2008 speech.
Despite a global economic rebound that will strengthen prices for the metal and buoy tourist demand, GDP will expand a modest 2 percent this year, according to a report this month by The Economist Intelligence Unit. If Castro’s productivity- boosting measures succeed, growth will accelerate to 3.7 percent in 2011, which is still less than half the average annual rate from 2004 to 2008, the report said.
Raul said in July that one in five state workers may not be needed to keep the government running. The Cuban government employs 95 percent of the country’s workforce.
Cuba now receives about 100,000 barrels of oil a day from Venezuela, which Cuba pays for by sending medical staff to work in the South American country’s community clinics. Venezuela has suffered five consecutive quarters of economic contraction and Cuba is looking to diversify its trade partners, Bilbao said.
President Barack Obama, in an April 2009 memorandum lifting travel restrictions to Cuba for Cuban-Americans, also directed the U.S. government to allow companies to provide communications services to the island, saying it would “decrease dependency of the Cuban people on the Castro regime.”
Rapprochement With U.S.
U.S. phone companies are urging Obama to ease rules that keep them from operating in Cuba.
Still, the U.S. government’s rhetoric under Obama has remained the same as under George W. Bush, which discourages Cuba from opening the economy faster, said Larry Birns, director of the Washington-based Council on Hemispheric Affairs, a research group.
“Taken all together, we are witnessing what could be the most transformative moment in Cuba’s relationship with the outside world,” Birns said. “The Obama administration would be foolish not to engage in an effort at rapprochement between the U.S. and Cuba.”
To contact the reporter on this story: Charlie Devereux in Caracas at cdevereux3@bloomberg.net; Bob Willis in Washington at bwillis@bloomberg.net
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Apple publishes guidelines App Store, relax the rules

Apple Inc. said it will give software developers more leeway in how they create applications for its iPhone and iPad, a move likely to benefit Adobe Systems Inc. whose software had been panned by Apple’s Steve Jobs.
Apple will publish review guidelines for its App Store for the first time and drop restrictions on the development tools used to make applications for the iOS operating system that runs its devices, the company said in a statement today. The company earlier this year said it would not accept applications made with tools from other companies, including Adobe.
“Developers had been telling Apple that they felt they were being required to jump through too many hoops,” said Richard Doherty, head of The Envisioneering Group, a technology analyst firm based in Seaford, New York. “To its credit, Apple listens to its developers.”
Apple’s restrictions in its App Store, the exclusive place to get apps for the iPhone and iPad, have drawn criticism from other companies. Adobe complained about Apple’s policies to antitrust regulators, who have been considering an investigation of Apple, people familiar with the matter said in May.
The shift makes it easier for developers to use Adobe tools to build mobile applications for the iPhone and phones that run the Android operating system backed by Google Inc., said Michael J. Olson, an analyst with Piper Jaffray & Co.
Adobe Surge
“The changes will likely allow creative pros to use Adobe’s tools to build apps for the App Store,” said Olson in a research note today. “We believe it also solidifies the likelihood that Adobe’s creative tools will be used to develop for all platforms and devices.”
Adobe rose as much as $3.53, or 12 percent, to $32.84 in Nasdaq Stock Market trading, the biggest intraday increase since March 2009.
Apple has so far refused to allow Web video and animations created with Adobe’s Flash technology to run on the iPhone and iPad. In a 29-paragraph public letter in April, Chief Executive Officer Jobs said Flash had “major technical drawbacks.” Apple’s statement mentions no changes in that policy.
“Today’s announcement from Apple affects the development of apps for the app store, not the issue of Flash running on Apple’s iPhone web browser,” Olson said in his note. “Websites that use Flash will still not work on Apple’s devices.”
Natalie Kerris, a spokeswoman for Apple, didn’t immediately return messages seeking comment. A call to Adobe’s press office was not immediately returned.
Software Complaints
Software developers beyond Adobe had complained about the lack of clear rules for App Store programs, said Doherty. Publishing guidelines for the store will make the process for approving or rejecting apps more transparent, he said.
Since the App Store’s debut, developers have said they don’t understand how Apple decides on apps. In one case, an iPhone app for Google Voice, a Web-based phone service from Google., was not allowed in the app store, prompting a series of inquiry letters from the Federal Communications Commission to Apple, Google and AT&T Inc., the exclusive wireless carrier for the iPhone in the U.S.
Omar Hamoui, vice president of product management at Google, posted a statement on the company’s blog after Apple’s announcement.
“This is great news for everyone in the mobile community, as we believe that a competitive environment is the best way to drive innovation and growth,” he wrote.
Apple offers more than 250,000 applications for the iPhone and iPad in the App Store and the programs have been downloaded 6.5 billion times. App Store developers have collectively earned more than $1 billion from the sales of their apps, Apple said today.
Apple rose $3.19 to $266.11 at 11:48 a.m. New York time in Nasdaq Stock Market trading. The shares had risen 25 percent this year before today.
To contact the reporter on this story: Arik Hesseldahl in New York at ahesseldahl@bloomberg.net
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Deutsche Bank Said to weigh sale of shares of up to $ 11.4 billion 2010

Deutsche Bank AG has approached investment banks to assess their interest in managing a stock sale to raise as much as 9 billion euros ($11.4 billion), said three people with knowledge of the discussions.
Germany’s biggest bank has yet to decide on the sale, said the people, who declined to be identified because the plans are confidential. The proceeds may be used to increase the bank’s stake in Deutsche Postbank AG and to meet rising regulatory capital requirements, the people said.
Deutsche Bank has the option to increase its almost 30 percent stake in Bonn-based Postbank, which currently has a market value of 5.6 billion euros. Deutsche Bank Chief Risk Officer Hugo Banziger said in an investor presentation in June that the Frankfurt-based bank would only raise capital for acquisitions.
“The only rationale for Deutsche Bank moving now is that they may be able to get Postbank cheaper than in the long run,” said Simon Maughan, an analyst at MF Global in London, which recommends buying the shares. “The size of the capital raising may factor in a small amount of capital for Deutsche Bank itself.”
Deutsche Bank declined as much as 4.2 percent in U.S. trading, and was $1.74 lower at $60.22 by 2:03 p.m. in New York. The bank has a market value of about 31.1 billion euros.
Deutsche Bank spokesman Ronald Weichert declined to comment today. Deutsche Postbank AG Chief Executive Officer Stefan Juette, speaking at a banking conference in Frankfurt earlier today, said he doesn’t know if or when Deutsche Bank may take over the lender.
Capital Needs
In the past four years, Deutsche Bank also acquired Berliner Bank AG, Nuremberg-based Norisbank AG, as well as ABN Amro Holding NV’s commercial-banking operations in the Netherlands and private wealth manager Sal. Oppenheim Group. It agreed to buy a stake in Postbank in September 2008.
Whether Deutsche Bank proceeds with a share sale will depend on the financing commitment it gets from different banks, one of the people said. Companies planning to sell stock typically seek to find securities firms to guarantee the offering, agreeing to buy stock that investors don’t order. Five banks, including Deutsche Bank, agreed to underwrite National Bank of Greece SA’s 2.8 billion-euro rights offering this week.
Proposed rules under consideration by the Basel Committee on Banking Supervision may lead banks to raise reserves. Germany’s 10 biggest lenders, including Deutsche Bank and Commerzbank AG, may need about 105 billion euros in fresh capital because of new regulations, the Association of German Banks estimated on Sept. 6.
Basel Rules
The Basel committee reached a compromise on capital ratios for banks that will introduce higher reserve requirements over a five- to 10-year period starting in 2013, Franz-Christoph Zeitler, the vice president of Germany’s Bundesbank, said yesterday. The proposal will be the basis for a Sept. 12 meeting of global central bankers and regulators, and an announcement on the new rules may be made as early as that day.
“I’m wondering if this is in relation to the Basel news that will be coming out over the weekend,” said William Fitzpatrick, a financial-industry analyst at Optique Capital Management in Milwaukee, which manages $700 million and owns stock in Deutsche Bank. “I’d imagine there’s a link there.”
Policy makers are seeking to increase the reserves held by banks to avoid another financial crisis. Deutsche Bank, which sidestepped the worst of the financial crisis and eschewed a government bailout, had a Tier 1 capital ratio, a measure of financial strength, of 11.3 percent at the end of June.
To contact the reporters on this story: Ambereen Choudhury in London at achoudhury@bloomberg.net; Aaron Kirchfeld in Frankfurt at akirchfeld@bloomberg.net
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