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 1:50 PM
Updated: Apr 9, 2018 1:50 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

Indiana Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 117450

Reported Deaths: 3580
CountyConfirmedDeaths
Marion21403766
Lake10618323
Elkhart6667111
St. Joseph6576110
Allen6292203
Hamilton4909109
Vanderburgh371931
Hendricks2747123
Monroe262736
Tippecanoe252313
Johnson2338124
Clark223657
Porter217647
Delaware198562
Cass19549
Vigo184327
Madison168975
LaPorte147441
Floyd138963
Warrick134440
Howard131863
Kosciusko124817
Bartholomew117957
Marshall101224
Dubois99119
Boone98646
Grant93334
Hancock93243
Noble92532
Henry80926
Jackson7689
Wayne76814
Morgan72938
Daviess67728
Shelby67729
Dearborn66528
LaGrange63911
Clinton60914
Harrison58724
Putnam58112
Gibson5305
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Lawrence51529
Montgomery51121
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White48614
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Fayette42313
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Scott38111
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Jennings31612
Franklin31125
Ripley3038
Clay3025
Orange28824
Whitley2796
Carroll27713
Adams2743
Wabash2718
Washington2691
Starke2677
Wells2654
Spencer2593
Jefferson2483
Huntington2453
Fulton2412
Tipton22822
Perry22113
Randolph2207
Jay1880
Newton17311
Owen1711
Martin1680
Pike1621
Rush1574
Vermillion1300
Fountain1282
Blackford1203
Pulaski1131
Crawford1080
Brown1043
Parke1032
Benton870
Ohio797
Union790
Switzerland690
Warren401
Unassigned0226

Ohio Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 150809

Reported Deaths: 4741
CountyConfirmedDeaths
Franklin26961607
Cuyahoga17490656
Hamilton13191315
Montgomery7883163
Lucas7322364
Butler6040111
Summit5332252
Marion310347
Warren309649
Mahoning3073281
Stark2883175
Pickaway267844
Lorain231786
Delaware228120
Fairfield211853
Licking193663
Columbiana193280
Wood190272
Trumbull1896132
Clark181040
Clermont173123
Lake163851
Medina147539
Greene146533
Miami145451
Allen144169
Portage115566
Mercer113218
Erie94647
Tuscarawas93620
Wayne93668
Richland90319
Ross89024
Madison83012
Darke80442
Geauga72349
Belmont72227
Hancock71210
Athens7072
Ashtabula65948
Lawrence65922
Shelby64910
Auglaize6089
Putnam60823
Sandusky57720
Huron5517
Union5452
Scioto5117
Seneca48514
Ottawa46930
Preble44015
Muskingum4213
Holmes3909
Jefferson3364
Defiance32511
Henry31814
Logan3123
Champaign3083
Clinton29913
Perry2989
Brown2902
Knox28615
Jackson2636
Morrow2612
Washington26123
Hardin25613
Fulton2461
Crawford2446
Ashland2424
Coshocton23411
Fayette2326
Highland2303
Williams2133
Wyandot21312
Pike2000
Gallia19113
Meigs17610
Guernsey1708
Hocking1669
Carroll1527
Adams1354
Van Wert1233
Monroe11018
Paulding1100
Harrison643
Morgan490
Vinton473
Noble330
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