Asian shares inch up; focus on central banks, Greece

Pedestrians walk past an electronic board showing the stock market indices of various countries outside a brokerage in TokyoBy Hideyuki Sano TOKYO (Reuters) – Asian shares scaled seven-year highs following stellar earnings from a few U.S. hi-tech giants, but investors were cautious ahead of central bank meetings this week in the U.S. and Japan and on deadlock in creditors' talks with Greece. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.7 percent while Japan's Nikkei was flat. On Friday, shares in Amazon.com Inc and Microsoft both jumped over 10 percent on strong revenues, boosting the Nasdaq Composite index to a record high. The bull run's dependence on low interest rates and strong central bank, however, has made investors cautious as the Federal Reserve is expected to raise U.S. interest rates from around zero in coming months.



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Deutsche Bank first-quarter profit falls by half as legal charges bite

The logo of Germany's largest business bank, Deutsche Bank, is seen at the bank's headquarters behind twigs in FrankfurtBy Thomas Atkins FRANKFURT (Reuters) – Deutsche Bank's earnings fell by half in the first quarter, a greater-than-expected drop as hefty legal charges eroded gains in investment banking revenue, while it prepares to unveil details of a strategic overhaul. Almost half came from the investment bank, but its pre-tax contribution fell by more than half due to litigation and regulatory expenses and currency swings, the bank said on Sunday. Deutsche has so far positioned itself as Europe’s “last man standing” in investment banking, even though it has made cuts in certain business lines. Deutsche on Friday announced a new strategic plan including the sale of its Postbank retail chain and additional paring back in investment banking.



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