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What to watch: Carney's Brexit warning, Deutsche Bank raid, and Unilever boss quits

Oscar Williams-Grut
·Senior City Correspondent, Yahoo Finance UK


Here are the top business, market and economic stories you should be watching today in the UK, Europe and abroad:

Bank of England’s Carney warns on Brexit

Bank of England governor Mark Carney has warned that most British businesses are unprepared for a no-deal Brexit.

Carney told the BBC’s Today programme on Radio 4 on Thursday that “less than half the businesses in the country have initiated their contingency plans for a no-deal Brexit.”

His comments come after dire reports from the Bank on Wednesday evening, which warned about the economic impact of Brexit. The Bank of England said that GDP could fall by as much as 8% in the short term if the UK has a no-deal Brexit. It would be the starkest fall since the second world war.

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The pound is down after the news, which follow similar downbeat economic assessments from the government. The pound is down by 0.4% against the euro (GBPEUR=X) and 0.4% against the dollar (GBPUSD=X).


Deutsche Bank offices raided in Frankfurt

Deutsche Bank’s headquarters in Frankfurt were raided by police on Thursday, according to reports.

Reuters said that 170 police officers, prosecutors, and tax inspectors raided six Deutsche Bank offices in Frankfurt in connection with a money laundering probe.

The probe is related to two Deutsche Bank staff accused of helping clients set up off-short firms to launder money, Reuters reported citing the Frankfurt public prosecutor’s statement.

Deutsche Bank (DBK.F) shares were down close to 4%.


Unilever CEO quits

Unilever CEO Paul Polman is to step down after 10 years in the job, the consumer goods giant announced on Thursday.

Polman will be replaced by Alan Jope, who currently heads up Unilever’s beauty and personal care divisions. Unilever manufactures consumer goods and owns everything from Marmite to Dove soap.

Polman drew criticism recently for his botched attempt to shift Unilever’s headquarters from London to Rotterdam. The move was eventually abandoned in the face of shareholder opposition.

Unilever (ULVR.L) shares were up 0.7%.

European markets

European stock markets were buoyant after a strong session overnight in the US. Britain’s FTSE 100 (^FTSE) was up by 0.7%, Germany’s DAX (^GDAXI) was 0.6% higher, France’s CAC 40 (^FCHI) was up by 0.9%, and the Euronext 100 (^N100) was 0.9% higher.

Asian markets were mixed. Japan’s Nikkei 225 (^N225) closed up by 0.3%, Hong Kong’s Hang Seng index (^HSI) closed down 0.8%, and China’s benchmark Shanghai Composite (000001.SS) ended trade down by 1.3%.

What to expect in the US

US stock futures were pointing to a slightly lower open. S&P 500 futures (ES=F) were down by 0.2%, Dow Jones Industrial Average futures (YM=F) were down by 0.2%, and Nasdaq futures (NQ=F) was down by 0.5%. The VIX volatility-tracking index (^VIX) was down by 1.5%.

Companies reporting later today in the US include:

With files from Reuters