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.

Confirmed Cases: 58640

Reported Deaths: 1677
CountyConfirmedDeaths
Hennepin18641828
Ramsey7233261
Dakota4188104
Anoka3515114
Stearns286420
Washington200944
Nobles17536
Olmsted168823
Scott147918
Mower10942
Rice10138
Blue Earth8745
Wright8475
Carver8162
Clay76840
Sherburne7037
Kandiyohi6871
St. Louis48619
Todd4222
Lyon4213
Freeborn3581
Steele3381
Nicollet32913
Benton3153
Watonwan3010
Winona25416
Crow Wing22514
Beltrami2150
Le Sueur2101
Martin2045
Chisago1891
Goodhue1878
Otter Tail1853
Cottonwood1750
Becker1501
McLeod1480
Pipestone1479
Polk1453
Waseca1380
Douglas1360
Itasca13512
Carlton1320
Unassigned13241
Pine1280
Dodge1250
Murray1221
Isanti1160
Chippewa1011
Wabasha870
Brown862
Meeker852
Morrison851
Faribault830
Sibley822
Rock770
Koochiching743
Pennington731
Jackson720
Cass712
Mille Lacs693
Renville625
Fillmore610
Lincoln540
Grant523
Swift521
Yellow Medicine510
Pope460
Roseau460
Houston410
Norman370
Kanabec321
Redwood320
Wilkin323
Hubbard300
Aitkin291
Marshall290
Mahnomen261
Wadena240
Red Lake230
Big Stone220
Lake200
Stevens170
Clearwater150
Traverse100
Lac qui Parle60
Kittson30
Cook20
Lake of the Woods10

Iowa Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 47424

Reported Deaths: 910
CountyConfirmedDeaths
Polk10032206
Woodbury369151
Black Hawk308463
Linn227987
Johnson202116
Dallas184635
Buena Vista179112
Scott165514
Dubuque162331
Marshall142525
Pottawattamie128426
Story114114
Wapello87233
Muscatine84048
Webster7727
Crawford7263
Sioux6143
Cerro Gordo59617
Warren5471
Tama54529
Jasper46626
Wright4551
Plymouth4528
Louisa38014
Dickinson3774
Clinton3623
Washington29310
Boone2442
Hamilton2441
Franklin2339
Bremer2037
Clarke1953
Emmet1882
Carroll1851
Shelby1771
Clay1761
Hardin1730
Marion1620
Allamakee1544
Poweshiek1538
Des Moines1522
Jackson1481
Benton1461
Floyd1432
Mahaska13917
Guthrie1315
Cedar1281
Jones1272
Buchanan1231
Hancock1212
Butler1192
Henry1193
Pocahontas1151
Madison1142
Lyon1092
Lee1073
Cherokee1031
Clayton1023
Harrison1020
Humboldt1001
Delaware991
Taylor960
Iowa941
Monona910
Winneshiek911
Mills850
Page850
Calhoun832
Kossuth830
Sac820
Fayette810
Jefferson800
Palo Alto800
Osceola790
Mitchell780
Winnebago770
Grundy761
Union751
Monroe697
Worth650
Lucas574
Chickasaw540
Montgomery534
Davis521
Cass501
Howard490
Appanoose473
Greene390
Fremont370
Van Buren341
Keokuk331
Ida290
Audubon281
Adair270
Decatur230
Ringgold211
Wayne191
Adams160
Unassigned30
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