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Deutsche Bank CEO is out; Big pharma deal; Markets calm

1. Deutsche Bank drama: The CEO of Deutsche Bank, Germany's biggest lender, is out.John Cryan...

Posted: Apr 9, 2018 12:50 PM
Updated: Apr 9, 2018 12:50 PM

1. Deutsche Bank drama: The CEO of Deutsche Bank, Germany's biggest lender, is out.

John Cryan, who has led the embattled bank for less than three years, will be replaced by Christian Sewing at the end of the month.

The bank's shares opened 3% higher on Monday.

Deutsche Bank posted an annual loss for 2017 of -500 million ($610 million). That followed losses of -1.4 billion ($1.7 billion) for 2016 and -6.8 billion ($8.4 billion) for 2015.

Cryan closed hundreds of bank branches and axed tens of thousands of jobs, but his efforts haven't been enough to bring the company back into the black.

2. Big pharma deal: Novartis announced plans to buy AveXis, a Nasdaq-listed clinical stage gene therapy company, for $8.7 billion in cash.

Novartis said the deal will strengthen its position in neurodegenerative diseases therapy. It expects the transaction to close in the middle of this year.

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3. Markets calmer, for now: US stock futures were pointing higher on Monday after President Donald Trump appeared to soften some of his trade rhetoric.

"President Xi and I will always be friends, no matter what happens with our dispute on trade," Trump tweeted on Sunday. "China will take down its Trade Barriers because it is the right thing to do."

Trump said last week that he could impose new tariffs on $100 billion worth of Chinese goods, a pronouncement that rattled markets. China responded by saying that it doesn't want "to fight a trade war, but we are not afraid of fighting it."

The Dow Jones industrial average is back in correction territory, meaning it is 10% below its recent high. The index closed down 2.3% on Friday, while the S&P 500 shed 2.2% and the Nasdaq lost 2.3%.

4. Global market overview: Major European and Asian markets were all higher on Monday. US Crude Futures edged 0.4% higher to trade at $62.30.

Gold was 0.3% lower. The metal is seen as safe haven and its price has mirrored swings in the stock markets.

5. Companies and economics: The Sequoia Fund has purchased what it describes as a small position in Facebook toward the end of the first quarter.

In a letter to investors and clients, the fund's managers said that while Facebook "committed sins for which it must now atone," they believe the social media company remains "far more competitive and faster-growing enterprise than the average American business."

The US Congressional Budget Office will release its annual Budget and Economic Outlook at 2:00 p.m. ET.

German exports declined 3.2% in February over the previous month, according to official data. The country exported -19.2 billion ($23.6 billion) more goods and services than it imported during the month.

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6. Coming this week:
Monday - CBO budget outlook
Tuesday - Equal Pay Day; Zuckerberg testifies; PPI
Wednesday -
Zuckerberg testifies; Fed minutes; CPI; Bed Bath & Beyond earnings
Thursday - BlackRock, Delta, Rite Aid earnings
Friday - Citi, JPMorgan, PNC, Wells Fargo earnings

Minnesota Coronavirus Cases

Data is updated nightly.

Cases: 452268

Reported Deaths: 6100
CountyCasesDeaths
Hennepin938131490
Ramsey40370746
Dakota33353349
Anoka31193366
Washington20363231
Stearns17995189
St. Louis13857245
Scott1209197
Wright11723106
Olmsted1068375
Sherburne825766
Carver700138
Clay655582
Rice618070
Kandiyohi556572
Blue Earth545933
Crow Wing487778
Otter Tail460967
Chisago456436
Benton422287
Winona393048
Douglas377266
Nobles373946
Mower370829
Goodhue352661
Polk330559
McLeod326747
Beltrami314048
Morrison313545
Lyon304138
Becker288039
Itasca286443
Isanti284242
Carlton282543
Steele278110
Pine269214
Freeborn251523
Todd232630
Nicollet227537
Brown216934
Mille Lacs214945
Le Sueur212816
Cass209424
Meeker200933
Waseca191916
Wabasha17343
Martin171426
Roseau166217
Hubbard150138
Redwood140827
Houston139714
Renville137940
Dodge13714
Chippewa132032
Cottonwood128418
Fillmore12576
Wadena120517
Rock111212
Aitkin109233
Sibley10917
Faribault108316
Watonwan10688
Pennington100716
Kanabec98818
Pipestone95923
Yellow Medicine94216
Murray9056
Jackson87110
Swift84318
Pope7435
Stevens7078
Marshall70315
Clearwater68714
Lake66015
Lac qui Parle65716
Wilkin6309
Koochiching60210
Lincoln4892
Big Stone4663
Unassigned43768
Grant4358
Norman4248
Mahnomen4147
Kittson37320
Red Lake3194
Traverse2583
Lake of the Woods1951
Cook1150

Iowa Coronavirus Cases

Data is updated nightly.

Cases: 309989

Reported Deaths: 4424
CountyCasesDeaths
Polk46587464
Linn17979279
Scott15787171
Black Hawk14037243
Woodbury13093181
Johnson1224652
Dubuque11535159
Pottawattamie9111115
Dallas905972
Story877838
Webster471577
Cerro Gordo471472
Sioux459157
Clinton456167
Warren456139
Marshall429862
Buena Vista396130
Muscatine394978
Des Moines390043
Plymouth352470
Wapello348498
Jasper330159
Lee322632
Marion308152
Jones274250
Henry266131
Carroll258034
Bremer249348
Crawford233524
Boone222017
Washington222033
Benton212250
Mahaska197237
Jackson194331
Tama189959
Dickinson188329
Kossuth178544
Delaware175236
Clay171421
Wright166424
Fayette165024
Hamilton162030
Buchanan161624
Winneshiek159720
Harrison157962
Hardin156730
Cedar155419
Clayton153649
Butler150824
Page146315
Floyd140836
Cherokee139927
Mills138417
Lyon137333
Poweshiek134524
Hancock131424
Allamakee130230
Iowa127422
Calhoun12339
Madison123210
Grundy122128
Jefferson122025
Winnebago121529
Mitchell116637
Louisa115730
Cass114743
Chickasaw113512
Appanoose112040
Sac112015
Emmet111232
Union110723
Humboldt106419
Shelby104727
Guthrie104024
Franklin103218
Unassigned10050
Palo Alto91711
Montgomery88024
Keokuk86126
Howard85019
Monroe81919
Clarke8087
Pocahontas78111
Ida75830
Davis70021
Greene6977
Adair69520
Monona67118
Lucas66410
Osceola64611
Worth6154
Taylor5989
Fremont5246
Van Buren50115
Decatur4954
Ringgold44811
Audubon4208
Wayne41821
Adams2983
Rochester/St. Mary'S
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Feels Like: 12°
Snow will continue into Sunday morning
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