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

Mississippi Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 112123

Reported Deaths: 3223
CountyConfirmedDeaths
Hinds7823176
DeSoto676778
Harrison490283
Jackson439383
Rankin385986
Madison375793
Lee349079
Forrest298078
Jones285384
Washington253799
Lafayette244042
Lauderdale2398134
Lamar219038
Bolivar199477
Oktibbeha197654
Neshoba1820111
Lowndes175562
Panola167638
Leflore163287
Sunflower158849
Warren153255
Monroe146572
Pontotoc145219
Pike137256
Lincoln136856
Marshall136226
Copiah135736
Coahoma124036
Scott123829
Grenada120638
Yazoo119933
Simpson119549
Union116025
Leake113940
Holmes113760
Tate113639
Itawamba111325
Pearl River110559
Adams105243
Prentiss102919
Wayne99421
Alcorn96712
George95718
Covington94525
Marion93342
Tippah86521
Newton84927
Chickasaw83225
Winston82621
Tallahatchie82525
Tishomingo79741
Hancock78727
Attala78126
Clarke72750
Clay68421
Jasper67417
Walthall63327
Calhoun61812
Noxubee59617
Smith58516
Claiborne53416
Montgomery53123
Tunica52317
Yalobusha51314
Lawrence50414
Perry48423
Carroll46812
Greene45918
Stone45514
Amite42013
Humphreys41916
Quitman4176
Jefferson Davis40011
Webster36613
Wilkinson33120
Kemper32115
Benton3194
Sharkey28014
Jefferson27110
Franklin2373
Choctaw2036
Issaquena1064
Unassigned00

Alabama Coronavirus Cases

Confirmed Cases: 153016

Reported Deaths: 2633
CountyConfirmedDeaths
Jefferson22720374
Mobile14405314
Tuscaloosa10066137
Montgomery9820196
Madison907894
Shelby715361
Lee646165
Baldwin644369
Marshall431048
Calhoun416059
Etowah412249
Morgan400033
Houston365532
DeKalb325428
Elmore312852
St. Clair283842
Limestone273630
Walker269993
Talladega259135
Cullman231024
Lauderdale212540
Jackson205515
Autauga202130
Franklin201731
Colbert193330
Russell19053
Blount187325
Dallas186027
Chilton182632
Escambia171428
Coffee16829
Covington166629
Dale163851
Chambers133043
Pike131313
Tallapoosa129587
Clarke127317
Marion105029
Butler99840
Barbour9969
Marengo98222
Winston90613
Geneva8447
Lawrence81131
Pickens81117
Randolph80514
Bibb80114
Hale74830
Cherokee72314
Clay72212
Lowndes70228
Henry6386
Bullock63717
Monroe63610
Washington62312
Crenshaw59830
Perry5816
Wilcox55912
Fayette55713
Conecuh55613
Cleburne5327
Macon53020
Sumter46821
Lamar4595
Choctaw38712
Greene34016
Coosa1993
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