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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: 554536

Reported Deaths: 7083
CountyCasesDeaths
Hennepin1155051679
Ramsey47786853
Dakota42410422
Anoka38477415
Washington24913273
Stearns20994218
St. Louis16774297
Scott15946117
Wright14764127
Olmsted1273297
Sherburne1060080
Carver980145
Clay781289
Rice7632101
Blue Earth695840
Kandiyohi627380
Crow Wing615086
Chisago548250
Otter Tail542673
Benton530597
Mower450532
Goodhue442471
Douglas441870
Winona438149
Nobles400248
Morrison394659
McLeod394355
Isanti375159
Beltrami372257
Itasca370752
Polk365367
Steele361914
Becker353948
Lyon347848
Carlton329352
Freeborn326829
Pine311821
Nicollet306542
Brown294439
Mille Lacs281250
Le Sueur269722
Todd268730
Cass249626
Meeker235937
Waseca231221
Martin212529
Wabasha19953
Roseau197318
Renville172043
Hubbard171841
Dodge17123
Redwood166435
Houston162614
Cottonwood156821
Fillmore15169
Pennington150619
Chippewa145836
Wadena144021
Faribault143419
Sibley135710
Kanabec130621
Aitkin128636
Watonwan12549
Rock122719
Jackson117310
Yellow Medicine110419
Pipestone109725
Murray10229
Pope10226
Swift99518
Marshall85617
Stevens82010
Lake78419
Clearwater77414
Koochiching76913
Wilkin76812
Lac qui Parle73522
Big Stone5644
Lincoln5592
Grant5478
Norman5229
Mahnomen5048
Unassigned49578
Kittson46622
Red Lake3877
Traverse3595
Lake of the Woods3053
Cook1450

Iowa Coronavirus Cases

Data is updated nightly.

Cases: 357796

Reported Deaths: 5821
CountyCasesDeaths
Polk55970604
Linn20297330
Scott19082234
Black Hawk15550306
Woodbury14897221
Johnson1404281
Dubuque13153202
Dallas1089196
Pottawattamie10747162
Story1031147
Warren555186
Clinton537390
Cerro Gordo521986
Webster508291
Sioux506073
Marshall477174
Muscatine459896
Des Moines441465
Wapello4253120
Buena Vista421740
Jasper407670
Plymouth397079
Lee368155
Marion354575
Jones293055
Henry286137
Bremer279260
Carroll279151
Crawford262040
Boone258533
Benton250355
Washington249550
Dickinson242043
Mahaska224850
Jackson217942
Kossuth212663
Clay211025
Tama206671
Delaware202839
Winneshiek194433
Page190321
Buchanan188831
Cedar183823
Fayette182941
Wright180435
Hardin179942
Hamilton178049
Harrison176373
Clayton167055
Butler162534
Mills158620
Cherokee157138
Floyd155342
Lyon154741
Madison153919
Poweshiek152733
Allamakee149051
Iowa145524
Hancock143534
Winnebago136031
Grundy135232
Cass134354
Calhoun133211
Jefferson130635
Emmet128840
Shelby128337
Sac127219
Louisa126849
Appanoose126747
Mitchell125241
Union124032
Chickasaw122615
Humboldt118326
Guthrie117929
Franklin112721
Palo Alto110922
Howard102822
Montgomery100637
Unassigned10030
Clarke98223
Keokuk94530
Monroe94128
Ida89633
Adair84532
Pocahontas83621
Monona81230
Davis79924
Greene76710
Osceola75516
Lucas74923
Worth7078
Taylor65212
Fremont6139
Decatur5899
Van Buren55518
Ringgold53623
Wayne52123
Audubon4949
Adams3284
Rochester/St. Mary'S
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