Fed to remain “patient”

European markets opened lower, despite news that Deutsche Bank swung to a profit after the investment bank posted fourth-quarter profit that exceeded analyst estimates as trading revenue rose, and legal charges fell. Net income in the last three months of 2014 was 438 million euros compared with a loss of 1.36 billion euros in the same period a year earlier. Deutsche Bank raised cash from investors last year to boost capital and bolster returns by seeking to expand the debt- trading business as rivals exit.

The stock has dropped 28 percent in the last 12 months, and the bank is now valued at about 60 percent of its tangible book, indicating that it’s worth less than investors would expect to receive if the firm liquidated its assets, indicative of further pain to come.

Chinese shares led Asian stocks and the dollar held gains against most peers after the Federal Reserve upgraded its view of the U.S. economy while oil traded near an almost six-year low. The euro was at $1.13, while the Dollar Spot Index climbed 0.1 percent to 1,161.18, close to its highest close since at least 2005.

The Fed acknowledged global risks in its statement, saying that it will take into account readings on “international developments” as it decides how long to keep key rates near zero, repeating a pledge to stay “patient” on raising interest rates. Surprisingly strong job gains argue for tightening sooner, while inflation held down by the plunge in oil prices and a cooling global economy provides grounds for delay.

Earnings Season:

Royal Dutch Shell Plc fourth-quarter profit was lower than expected and the oil company will cut spending after crude prices plunged. Profit excluding one-time items and inventory changes was

$3.3 billion in the quarter, up from $2.9 billion a year earlier. Results from oil companies across the board are expected to report in a similar fashion as average Brent crude prices in the quarter fell 30 percent from a year before.

Nokia Oyj reported quarterly profit showing demand from North American wireless carriers is helping to revive the Finnish network-equipment maker. Net income was 443 million, and adjusted earnings per share were 9 cents. Nokia plans to pay a dividend of 14 cents a share for 2014, up from 11 cents a year earlier. The company appears to be on a much healthier growth path since it off loaded its mobile handset business to Microsoft last year.

Nomura, Japan’s largest brokerage, said profit unexpectedly surged to the highest in almost two years, upending analysts’ estimates for a decline as fees from investment banking and asset management rose. Net income climbed 45 percent to 70 billion yen for the three months ended Dec. 31 from 48.3 billion yen a year earlier. Nomura continued to benefit from a Japanese stock-market rally last quarter as the central bank expanded monetary easing. The Japanese firm said it will spend as much as 30 billion yen buying back up to 1 percent of its shares during the current quarter, which should lead to an increase in the price per share of its stock.