Caroline Hepker

That figure came in ahead of expectations as revenue from fixed income trading at the bank also beat estimates at €2 billion.

The results come less than 24 hours after Deutsche Bank's offices were raided by German authorities as part of a money laundering probe looking at past dealings by staff with firms linked to Roman Abramovich.

The news had driven the bank's share price lower.

It closed down 2%.

Now, let's turn to some geopolitics.

UK Prime Minister Keir Starmer has called for a more sophisticated relationship with China during an historic visit to the country.

Speaking during a meeting with Chinese President Xi Jinping this morning, Starmer also called for meaningful dialogue on areas of disagreement.

Peter Burnett, chief executive of the China-Britain Business Council, says firms are hoping for more favourable conditions following the talks.

Peter Burnett speaking there from Beijing.

Starmer is the first British Prime Minister in eight years to visit China as part of a broader charm offensive designed to reset relations.

Frozen since 2018 over alleged human rights abuses and other issues, China's official Xinhua news agency has hailed the event as a pivotal moment while urging the UK to adopt policies free from external influence.

That's news when you want it with Bloomberg News Now.

I'm Caroline Hepker.

And I'm Caroline Hepker.

And I'm Caroline Hepker.

In that interview, the Prime Minister also hit back at talk of a challenge to his leadership, saying that he has a personal mandate for change.

Bloomberg's Ewan Potts has more.

The US president has threatened to raise tariffs on South Korean goods to 25%.

In a social media post, Donald Trump said the country's lawmakers had not lived up to the deal that they agreed to and with the new rate applying to autos, lumber, pharmaceutical and other products.

With more, here's Bloomberg's White House correspondent, Josh Wingrove.