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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

Mississippi Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 28770

Reported Deaths: 1092
CountyConfirmedDeaths
Hinds224739
DeSoto144216
Madison124234
Jones109149
Neshoba97070
Lauderdale89479
Rankin86012
Forrest82942
Harrison79410
Scott75715
Copiah58016
Leake56519
Jackson55716
Holmes53641
Wayne52212
Lee51816
Oktibbeha51625
Washington5129
Yazoo4786
Leflore47449
Warren46317
Lowndes45912
Lincoln43734
Lamar4317
Grenada3965
Pike39312
Monroe37529
Lafayette3684
Attala35523
Newton3329
Sunflower3216
Covington3175
Bolivar29813
Panola2956
Adams28018
Simpson2713
Chickasaw26418
Tate2648
Marion26311
Pontotoc2616
Jasper2516
Noxubee2478
Pearl River24532
Clay24410
Winston2446
Claiborne23910
Marshall2123
Smith21111
Clarke20424
Coahoma1906
Union1819
Walthall1794
Kemper17614
Yalobusha1667
Lawrence1621
Carroll16111
Humphreys1309
Itawamba1308
Tippah12711
Webster12610
Calhoun1244
Montgomery1242
Hancock12313
Tallahatchie1153
Jefferson Davis1074
Prentiss1003
Greene968
Jefferson963
Wilkinson929
Tunica903
Amite842
George753
Tishomingo731
Choctaw724
Quitman690
Perry634
Alcorn601
Stone541
Franklin392
Benton270
Sharkey270
Issaquena81
Unassigned00

Alabama Coronavirus Cases

Confirmed Cases: 39604

Reported Deaths: 961
CountyConfirmedDeaths
Jefferson4532143
Montgomery3875102
Mobile3797134
Tuscaloosa210739
Marshall162210
Lee124537
Shelby110923
Madison11047
Morgan10203
Walker87123
Franklin86314
Dallas8419
Elmore83614
Baldwin7359
Etowah64413
DeKalb6415
Butler60727
Chambers60027
Tallapoosa57269
Autauga55312
Unassigned50724
Russell5030
Lowndes45820
Lauderdale4576
Houston4464
Limestone4290
Cullman4114
Pike4075
Colbert3775
Bullock3649
Coffee3592
Barbour3331
Covington3327
St. Clair3192
Marengo29911
Hale29621
Escambia2936
Wilcox2848
Talladega2827
Calhoun2805
Sumter27912
Clarke2686
Dale2620
Jackson2522
Winston2373
Blount2181
Pickens2176
Chilton2152
Marion20613
Monroe2052
Choctaw19212
Randolph1889
Conecuh1866
Greene1788
Macon1778
Bibb1761
Perry1541
Henry1303
Crenshaw1243
Washington1027
Lawrence1000
Cherokee797
Lamar711
Geneva700
Fayette671
Clay612
Coosa571
Cleburne301
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