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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: 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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