European shares slip as banks drag, oil

Stock futures rose Thursday, reversing Wednesday's selloff after the Fed's first rate hike in three years. Key events: Diamondback Energy's largest shareholder sold $2B in shares, ExxonMobil nears a deal in Venezuela, and Generac Holdings surged after a $2.4B Amazon deal. Lennar cut its home delivery target, citing housing market pressures. Brent crude fell below $105/barrel.

Deutsche Bank is awaiting regulatory approval to offer institutional crypto custody services for Bitcoin, Ether, and select stablecoins in Europe. The bank expects to launch this year, subject to EU's MiCA framework, with plans to expand to tokenized assets later. Deutsche Bank is a Global Systemically Important Bank and has been developing crypto services, including potential stablecoin issuance. Other German banks, like Landesbank Baden-Württemberg and DZ Bank, have also entered the crypto cus

Deutsche Bank (DB) plans to offer cryptocurrency custody services for institutional clients by year-end, supporting Bitcoin (BTC), Ethereum (ETH), and stablecoins. The service aims to cater to the growing adoption of digital assets by institutions. DB stock has risen 5% over the past year, trading at $38.35. Bitcoin is currently at $75,650.

Swiss lawmakers propose revisiting UBS's banking regulations before a parliamentary vote. The compromise reduces capital requirements from the government's initial proposal of $20B to $13B in Additional Tier 1 capital. UBS argues the original plan would disadvantage it against competitors. The vote follows Credit Suisse's 2023 collapse and its subsequent acquisition by UBS.

Investors say UBS could save hundreds of millions annually if a parliamentary proposal allowing the use of Additional Tier 1 (AT1) bonds is approved, instead of the government's plan requiring Common Equity Tier 1 (CET1) capital. The proposal, which adds some new triggers, is seen as a victory for UBS, though it may face challenges in the lower chamber. AT1 bonds would cost UBS around 7%, cheaper than the 9-10% cost of CET1 capital, according to analysts.

UBS may save hundreds of millions annually if a proposal to use AT1 bonds is approved by Swiss lawmakers. The proposal, a compromise to Finance Minister Karin Keller-Sutter's CET1 plan, is under debate. UBS prefers the cheaper AT1 bonds, but regulators argue they are less secure than CET1 capital.