Bloomberg Venezuela is offering oil at the biggest discounts in seven years as the third-largest supplier to U.S. refineries fights to defend its market share from Canadian and Middle Eastern grades. The basket of Venezuelan oil is now more than $12 a barrel cheaper than the benchmark West Texas Intermediate and has averaged a discount of $8.44 this year. …

  Deutsche Bank is undercapitalized and may be facing “insurmountable headwinds,” James Chappell, an analyst with the private bank Berenberg, wrote in a recent note. He’s not just down on Europe’s biggest investment bank, which he thinks should trade at 9 euros ($10.2) per share rather than the current 14.7 euros — he’s irritated with the entire sector, which is …

  John Micklethwait Over the past few days the Brexit referendum has taken a nasty turn, with Boris Johnson, the former mayor of London and a prominent “leaver,” comparing the European Union to Adolf Hitler and complaining about Germany’s growing power in the EU. He should visit Berlin, which I did last week. Far from wanting to rule Europe, Germany’s …