|Bid||5.62 x 0|
|Ask||5.62 x 0|
|Day's range||5.59 - 5.70|
|52-week range||2.84 - 5.97|
|Beta (5Y monthly)||N/A|
|PE ratio (TTM)||N/A|
|Forward dividend & yield||N/A (N/A)|
|1y target est||N/A|
Commerzbank is nearing a deal with labour representatives on its restructuring plan that includes 10,000 job cuts globally, people close to the matter said. Management of Germany's second-biggest listed lender and the bank's works council have already reached an agreement in principle, they said, adding that the deal could be officially signed by the end of the week. Spokespeople for Commerzbank and the works council declined to comment.
(Bloomberg) -- Gold headed for its best week since December amid a retreat in bond yields and a report that top buyer China may import more of the metal.After weeks trading in a narrow range, gold has advanced as Treasuries yields and the dollar head for weekly losses. Lower yields boost the appeal of bullion, which doesn’t offer interest. Dollar declines helped spur a broad rally in raw materials, with the Bloomberg Commodity Index also on track for its best week of 2021.Bullion is showing tentative signs of breaking out of a slump following three straight monthly losses. Prices rose above the 50-day moving average on Thursday, a positive signal for traders who follow chart patterns. On Friday, bullion extended gains to the highest since February after Reuters reported that China has given banks permission to import a large amount of bullion to meet domestic demand.The overall robust performance in commodities this week was “being supported by a surprise drop in U.S. Treasury yields accompanied by a weaker dollar,” said Ole Hansen, head of commodities research at Saxo Bank. Gold, along with crude oil and copper, “broke higher, thereby potentially signaling renewed momentum attracting fresh buying from speculators.”Spot gold rose 0.8% to $1,778.17 an ounce by 1:43 p.m. in New York. Prices are up about 2% this week, on course for the biggest gain since Dec. 18. Futures for June delivery on the Comex rose 0.8% to settle at $1,780.20 an ounce.Federal Reserve Chairman Jerome Powell’s reiteration of his dovish stance on monetary policy also helped bullion this week. That helped offset the impact of improving U.S. and Chinese economic reports, which could otherwise diminish demand for the metal as a haven.“The economic data published in the U.S. yesterday afternoon turned out for the most part to be significantly better than the market had anticipated,” Commerzbank AG analyst Daniel Briesemann said. “It seems that market participants believed the U.S. Federal Reserve’s assertion this time that it would not react to good data and would tolerate economic overheating.”In other precious metals, silver and platinum advanced.Palladium rose 1.2% after reaching the highest in more than a year. The metal, which reached a record of $2,883.89 in February last year, has benefited from stricter emissions rules that boost usage in autocatalysts.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- E-commerce firm Berlin Brands Group has raised $240 million in debt to fund acquisitions of retailers selling on Amazon.com Inc., part of a growing trend as investors put billions of dollars into similar models.The syndicated debt financing was led by UniCredit SpA, Deutsche Bank AG and Commerzbank AG, the company said. Berlin Brands Group will target U.S. merchants with revenues in the millions of dollars, Chief Executive Officer Peter Chaljawski said in an interview. The funding didn’t come with a valuation since there was no equity component, he said.Chaljawski said that his company can help these shops grow by giving them access to sales channels beyond Amazon and by expanding their reach into Europe. Founded in 2005, the company has built a stable of brands that sell goods in areas including sports equipment and home appliances. Revenue reached $400 million last year, and the company announced plans in January to spend about $300 million acquiring other direct-to-consumer brands.Read more: Wall Street Bets Billions Rolling Up Mom-and-Pop Amazon Sellers“For us, it’s an addition to our platform. For these innovators, it’s making their brands scale,” Chaljawski said. “They lack the infrastructure to go beyond Amazon, and that’s what we bring to the table.”Investors have been piling into companies with similar business models. Thrasio raised $750 million in February from investors including Oaktree and Advent International, following $500 million of debt financing in January. Branded Group raised $150 million in February in a fundraising round led by Target Global to help sellers on Amazon scale their operations globally.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.