Deutsche Bank's retreat; ECB meeting; Facebook soars

1. Deutsche Bank overhaul: Germany's biggest lender is retreating from Wall Street.Christian ...

Posted: Apr 26, 2018 12:43 PM
Updated: Apr 26, 2018 12:43 PM

1. Deutsche Bank overhaul: Germany's biggest lender is retreating from Wall Street.

Christian Sewing, who has been CEO for less than a month, announced a major overhaul on Thursday that will see the bank scale back its operations in the United States and Asia and review its global equities business.

Germany's largest bank also announced "painful" jobs cuts in its investment bank after its net profit fell by 79% to -120 million ($146 million) in the first quarter.

"Even a quick look at the figures makes one thing clear: we have to take action -- fast," Sewing said. "There is no time to lose as the current returns for our shareholders are not acceptable."

Sewing replaced John Cryan as CEO earlier this month after the bank posted three consecutive annual losses.

2. ECB meeting: The European Central Bank will announce an interest rate decision at 7:45 a.m. ET, followed by a press conference at 8:30 a.m.

Analysts expect the rate policy to remain unchanged.

But the bank may give more insight on whether weak economic data could delay the gradual end of its stimulus program. The ECB has purchased bonds worth over -2 trillion ($2.5 trillion) as part of the effort.

3. What scandal?: Facebook's shares jumped as much as 7% in extended trading after the company reported it has 1.45 billion daily active users and 2.2 billion monthly users, both of which were up 13% over the previous year.

Facebook posted nearly $12 billion in revenue for the first three months of 2018, up nearly 50% from the same period a year earlier.

The audience gains were revealed as part of Facebook's first earnings report since the Cambridge Analytica data scandal surfaced last month and shaved tens of billions off its market value.

On a conference call with analysts, Zuckerberg stressed that he remains committed to the advertising business model that has powered Facebook.

4. Global market overview: US stock futures were mixed, reflecting a broader trend across global markets.

European and Asian markets struggled to find direction -- stocks in the United Kingdom and China were lower, while the rest of Europe, Japan and Korea posted gains.

The Dow Jones industrial average gained 0.3% on Wednesday, snapping the longest losing streak in a year. The S&P 500 jumped 0.2%.

The Nasdaq shed 0.1%, dropping for the fifth day in row and extending its longest losing streak since just before President Donald Trump's election.

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5. Earnings and economics: It's another busy day for corporate earnings.

American Airlines, Bristol-Myers, ConocoPhillips, Domino's Pizza, Dunkin' Brands, Fiat Chrysler, General Motors, Hershey Foods, Hilton, Nokia, PepsiCo, Royal Caribbean, Southwest Air, Spirit Airlines, Time Warner, Union Pacific and UPS will publish earnings before the open. Time Warner is the parent company of CNN.

Amazon, Baidu.com, Ellie Mae, Ethan Allen, Expedia, Intel, Mattel, Microsoft, Starbucks, and U.S. Steel will follow after the close.

The US Department of Labor will release its weekly data on initial unemployment claims at 8:30 a.m. Advanced goods trade balance data for March will be published by the Census Bureau at the same time.

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6. Coming this week:
Thursday - Time Warner, American Airlines, Dunkin' Brands, General Motors, PepsiCo, Starbucks and Southwest earnings
Friday - Exxon earnings; Q1 GDP

Minnesota Coronavirus Cases

Data is updated nightly.

Cases: 446380

Reported Deaths: 5995
CountyCasesDeaths
Hennepin927471474
Ramsey39820736
Dakota32876338
Anoka30877363
Washington20066227
Stearns17813187
St. Louis13609241
Scott1191796
Wright11570104
Olmsted1041375
Sherburne818965
Carver692436
Clay650280
Rice604168
Kandiyohi553471
Blue Earth538933
Crow Wing481374
Otter Tail454466
Chisago450832
Benton418685
Winona387246
Douglas373466
Nobles368746
Mower363329
Goodhue345358
Polk327956
McLeod324245
Morrison311144
Beltrami309447
Lyon300636
Becker284139
Itasca284043
Isanti281641
Carlton278543
Steele27229
Pine266013
Freeborn243420
Todd231630
Nicollet223836
Brown214534
Mille Lacs213646
Le Sueur208815
Cass207323
Meeker199233
Waseca188916
Wabasha16953
Martin169326
Roseau165416
Hubbard149238
Redwood139527
Renville137139
Houston135613
Dodge13384
Chippewa130932
Cottonwood126818
Fillmore12245
Wadena119616
Rock109712
Sibley10837
Aitkin107633
Watonwan10638
Faribault104616
Pennington98815
Kanabec97418
Pipestone93923
Yellow Medicine93514
Murray8785
Jackson85210
Swift83118
Pope7375
Marshall70315
Stevens6978
Clearwater68514
Lac qui Parle65716
Lake63215
Wilkin6229
Koochiching59310
Lincoln4821
Big Stone4553
Unassigned43668
Grant4298
Norman4238
Mahnomen4107
Kittson37219
Red Lake3164
Traverse2503
Lake of the Woods1901
Cook1140

Iowa Coronavirus Cases

Data is updated nightly.

Cases: 303464

Reported Deaths: 4269
CountyCasesDeaths
Polk45396448
Linn17695274
Scott15387163
Black Hawk13659236
Woodbury12953175
Johnson1204749
Dubuque11312150
Pottawattamie8942112
Dallas882171
Story863834
Webster467571
Cerro Gordo463568
Sioux453756
Clinton448861
Warren438838
Marshall425761
Buena Vista391929
Muscatine386777
Des Moines380941
Plymouth348968
Wapello341698
Jasper320458
Lee314430
Marion302152
Jones270449
Henry263430
Carroll253434
Bremer242248
Crawford228522
Boone216417
Washington214531
Benton208844
Jackson191131
Mahaska190736
Tama185857
Dickinson184226
Delaware172336
Kossuth171343
Clay166019
Wright163024
Fayette160022
Buchanan158323
Hamilton157929
Winneshiek155119
Harrison154762
Hardin154229
Cedar151819
Clayton150748
Butler146824
Page143715
Cherokee138227
Floyd138036
Mills136016
Lyon133832
Poweshiek132424
Hancock129024
Allamakee126927
Iowa123922
Calhoun12209
Grundy120226
Jefferson119524
Madison11899
Winnebago118529
Mitchell115734
Louisa114330
Cass112641
Chickasaw110612
Sac110615
Emmet110331
Appanoose109838
Union108122
Humboldt104219
Guthrie102424
Franklin101618
Shelby101426
Unassigned9160
Palo Alto9019
Keokuk84325
Montgomery84022
Howard82819
Monroe80818
Clarke7847
Pocahontas77211
Ida74030
Davis68921
Greene6887
Adair68620
Lucas6488
Osceola6349
Monona63316
Worth5993
Taylor5919
Fremont5046
Van Buren49412
Decatur4804
Ringgold4269
Wayne41421
Audubon4118
Adams2953
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