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

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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