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: 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
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