Profit growth expectations for S&P 500 energy companies have fallen more than any other sector - from a forecast of 13.8 percent on July 1 to the current 1.8 percent, Thomson Reuters data showed. With various names due to report next week, including Exxon Mobil (XOM.N), Chevron (CVX.N), ConocoPhillips (COP.N) and National Oilwell Varco (NOV.N), there are hopes that executives will suggest that the fall in oil and share prices has overstated the outlook for these names. The energy sector over the last 20 weeks has spiraled from being the market leader to now ranking as its most distant laggard, according to a Relative Rotation Graph study, which analyzes the relative performance of the constituents of an index. The S&P energy sector up about 6 percent from Oct. 15, while the S&P 500 is up 5.5 percent from its Oct. 15 low and the benchmark index on Friday posted its best weekly gain since early January 2013.
Calogero Gambino, a senior Deutsche Bank (DBKGn.DE) regulatory lawyer, has been found dead in New York in what appears to have been a suicide, the Wall Street Journal reported on Saturday, citing New York City officials and other sources. Gambino, an associate general counsel and a managing director who worked for the German bank for 11 years, was found by his wife and pronounced dead by medical practitioners at the scene, according to the paper. He had been closely involved in negotiating legal issues for Deutsche Bank such as a probe by regulators of banks over allegations they manipulated the Libor benchmark interest rate as well as currency markets, the newspaper said. He was also an associate at a private law firm and a regulatory enforcement lawyer between 1997 and 1999, the Wall Street Journal said, citing Gambino's LinkedIn profile and conference biographies.
Growth in China's auto market, the world's biggest, will halve to 7 percent this year weighed down by a slowing economy, the head of an industry body said on Saturday. "Personally, I think growth this year can reach 7 percent," Dong Yang, secretary general of the China Association of Automobile Manufacturers (CAAM), told reporters on the sidelines of an industry conference in Shanghai. The auto industry would reflect that but typically lags the economic cycle by a bit." CAAM had forecast China's auto market, which grew by 13.9 percent last year, to expand at 8.3 percent in 2014.