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.

Before the Bell newsletter: Key market news. In your inbox. Subscribe now!

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.

Markets Now newsletter: Get a global markets snapshot in your inbox every afternoon. Sign up now!

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.

Confirmed Cases: 37624

Reported Deaths: 1503
CountyConfirmedDeaths
Hennepin12150785
Ramsey4805226
Stearns234519
Dakota228690
Anoka2180107
Nobles16626
Olmsted110115
Washington106940
Mower9452
Rice8357
Scott7004
Clay58538
Kandiyohi5701
Wright4565
Blue Earth4532
Todd4002
Carver3641
Lyon3092
Sherburne3075
Freeborn2900
Steele2281
Watonwan2160
Benton2143
St. Louis17715
Martin1635
Nicollet15912
Cottonwood1340
Goodhue1298
Winona12215
Crow Wing10612
Pine1030
Le Sueur981
Chisago971
Otter Tail931
McLeod880
Carlton850
Dodge840
Polk812
Chippewa781
Unassigned7637
Isanti720
Itasca6412
Waseca640
Douglas620
Meeker611
Morrison591
Murray580
Becker550
Faribault550
Jackson550
Sibley542
Pennington500
Pipestone371
Mille Lacs342
Renville322
Wabasha310
Brown302
Rock300
Yellow Medicine300
Beltrami290
Fillmore280
Houston250
Swift211
Norman200
Wilkin203
Redwood180
Cass152
Wadena150
Aitkin140
Big Stone140
Kanabec141
Koochiching141
Roseau130
Marshall120
Grant100
Lincoln100
Pope100
Mahnomen81
Clearwater70
Hubbard60
Lake60
Traverse50
Lac qui Parle40
Stevens40
Red Lake30
Kittson20
Cook10
Lake of the Woods00

Iowa Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 30377

Reported Deaths: 720
CountyConfirmedDeaths
Polk6332179
Woodbury320644
Black Hawk219658
Buena Vista170711
Linn124282
Johnson12388
Dallas123529
Marshall104119
Story7513
Pottawattamie71911
Scott71910
Wapello70530
Crawford6752
Muscatine62444
Dubuque62122
Sioux4600
Tama46029
Wright3771
Louisa36013
Jasper32117
Plymouth3135
Warren2641
Dickinson2602
Washington2349
Hamilton1871
Webster1712
Cerro Gordo1471
Boone1451
Clarke1292
Clay1280
Allamakee1264
Mahaska11517
Shelby1140
Clinton1051
Poweshiek1048
Carroll931
Pocahontas931
Bremer916
Des Moines862
Henry863
Franklin840
Cedar811
Emmet800
Taylor790
Cherokee751
Monona740
Floyd702
Marion680
Hardin670
Guthrie644
Sac630
Benton621
Jefferson590
Osceola590
Jones560
Harrison530
Humboldt531
Lee532
Butler522
Iowa510
Buchanan501
Monroe506
Hancock490
Calhoun482
Delaware481
Madison422
Lyon410
Clayton403
Davis391
Fayette370
Mitchell370
Winneshiek370
Mills360
Palo Alto360
Grundy350
Kossuth330
Lucas304
Greene290
Howard290
Chickasaw280
Jackson270
Union270
Winnebago270
Ida230
Cass210
Appanoose203
Keokuk201
Page200
Van Buren190
Worth170
Audubon161
Adair150
Ringgold150
Decatur110
Montgomery102
Wayne100
Adams80
Fremont70
Unassigned70
Rochester
Few Clouds
88° wxIcon
Hi: 85° Lo: 67°
Feels Like: 92°
Mason City
Few Clouds
90° wxIcon
Hi: 89° Lo: 67°
Feels Like: 92°
Albert Lea
Clear
88° wxIcon
Hi: 88° Lo: 68°
Feels Like: 88°
Austin
Clear
88° wxIcon
Hi: 89° Lo: 68°
Feels Like: 89°
Charles City
Few Clouds
88° wxIcon
Hi: 87° Lo: 68°
Feels Like: 90°
Hot and sticky fourth of July weekend
KIMT Radar
KIMT Eye in the sky

Latest Video

Image

Fans excited for Honkers return

Image

Honkers fall to St. Cloud in home opener

Image

Baseball returns to the Med City

Image

Seans 10pm Weather 7/3

Image

Leaders advocate for the homeless

Image

Fireworks Show During the Pandemic

Image

Pillars of the City Unveiled

Image

A hot day for a bike ride on the Douglas Trail

Image

Sen.Ernst tours homeless shelters, talks challenges

Image

Mask up Roachester Public Service announcement

Community Events