Interest rate poker and commodity chess: Deutsche Bank, Globex Mining, and Rio Tinto in focus

Deutsche Bank - Solid half-year results and a clear course

Deutsche Bank posted a pre-tax profit of EUR 5.3 billion in the first half of the year, more than twice as much as in the previous year. Adjusted for special items, such as those relating to the Postbank proceedings, earnings rose by as much as 37%. All four core businesses were drivers, with corporate customers and asset management performing exceptionally well. Income climbed 6% to EUR 16.3 billion. Cost discipline was maintained despite growth. Adjusted expenses stagnated at EUR 10.1 billion. With a return on equity (RoTE) of 11.0% and cost coverage of 62.3%, the interim targets for 2025 have already been achieved.

Digitalization and leaner processes are bearing fruit. The EUR 2.5 billion efficiency program is 90% complete, thanks to branch optimization and smart staffing. At the same time, the Company is investing in innovation. Artificial intelligence and cloud technologies are set to open up new sources of income. The "Global House Bank" strategy is proving effective, with customer deposits growing and the divisions working more closely together. Sustainable financing also increased significantly, with a record quarter of EUR 28 billion. The transformation into a more efficient, customer-focused institution is progressing according to plan.

The bank is on a solid financial footing. The Common Equity Tier 1 (CET1) ratio climbed to 14.2%, providing a buffer that allows scope for investments and distributions. Even in the latest EU stress test under extreme scenarios, the ratio remained well above the minimum requirements. Risk provisions for loans fell by 2%, which is indicative of a healthy portfolio. Interest rate uncertainties and regulation continue to require flexibility. However, the institution currently appears more resilient than ever. Management is reaffirming its dividend targets, which is a clear sign of confidence to shareholders. The share is currently trading at EUR 29.24.

Globex Mining - Broadly positioned in the commodities sector

With over 250 projects in North America, Globex offers exceptional risk diversification in the commodities sector. Around half of these are in precious metals such as gold and silver, whose prices have risen sharply this year. The debt-free company does not rely on its own production, but leases deposits to specialized partners in exchange for cash payments, shares, or options. These partners assume exploration costs and risks, while Globex receives royalties once the projects go into production. This model generates a continuous flow of news without tying up capital and positions the Company ideally in the current commodity boom.

Recent announcements underscore the strategy. At the Bald Hill antimony-gold project near New Brunswick, a 3,150 m drill program confirmed mineralization over 400 m, open in all directions. At the same time, the mineral resource at the Duquesne West gold project in Quebec was upgraded to 1.46 million ounces at a grade of 1.69 g/t gold. Forty-four percent of the material is suitable for open pit mining, with the remainder suitable for underground mining. The goal is now to increase this to over 2 million ounces through further exploration. On July 23, Globex secured the Salt Spring project in Arizona, which covers approximately 334 hectares and has over 40 claims. Rock and soil samples have already revealed gold grades of up to 25.6 g/t.

Globex's focus on North America is paying off. Trade conflicts and supply chain risks are increasing demand for raw materials from secure jurisdictions. While industrial groups are suffering from tariffs, the licensing model is benefiting from the search for secure sources. The Company is operating without risk. The partners are covering the exploration costs and, should they run out of money, the project will revert to Globex, which will then have new information about the property and its deposits. If the partner is successful and brings the project into production, Globex will collect royalties with minimal risk. In uncertain times, this risk-minimized approach with a broad metal mix is a decisive advantage. The share is currently available for CAD 1.33.

Rio Tinto - Robust operations despite price pressure

Rio Tinto is one of the global heavyweights in mining, focusing on iron ore, aluminum, and copper. The current half-year results for 2025 show a company caught between solid day-to-day business and strategic realignment. Operating results for the second quarter were impressive. Iron ore remains on track for the slightly downwardly adjusted full-year forecast, while copper and bauxite are even slightly above it. Key projects such as Simandou in Guinea and Oyu Tolgoi are on schedule and within budget. Iron ore production reached a record high for a second quarter. Copper production rose sharply by 9% compared with the previous quarter to 229,000 t, driven by better ore grades and growing output at Oyu Tolgoi.

Rio Tinto is systematically expanding its position in future markets. The integration of the billion-dollar Arcadium lithium acquisition is on track and is expected to make the Company a major global player in the battery raw materials market. In addition, joint ventures in Chile and own projects in Argentina and Canada are driving growth in the lithium business. At the same time, the high-quality iron ore projects Simandou, where the first deliveries are scheduled for the end of 2025, as well as Brockman Syncline 1 and Hope Downs 2 in Australia, are progressing rapidly. These investments diversify the portfolio away from its heavy dependence on iron ore.

Rio Tinto continues to perform robustly financially, even though the massive growth investments are visible. Debt rose significantly, primarily driven by the Arcadium acquisition, but remains at a manageable level. The dividend remains at an attractive level despite a decline in profits compared to the previous year. Cost control is largely working, although external factors such as US tariffs on aluminum have brought noticeable but partially offset burdens. The forecasts for most core products have been confirmed or slightly adjusted upward. After the figures were released, the share price initially declined. A share currently costs USD 60.00.

In uncertain times marked by geopolitical turmoil and hesitant central banks, the three companies analyzed are relying on different strengths. Deutsche Bank scores with solid operating performance, strict cost discipline, and successful digital transformation, which gives it a robust foundation for the challenges ahead. Globex Mining is leveraging its innovative, debt-free licensing model with over 250 projects to benefit from the commodity boom and the search for secure North American resources with minimal risk. Despite high investments in strategic future markets such as lithium and moving away from pure iron ore dependency, Rio Tinto remains operationally robust and is sticking to its attractive dividend policy.