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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 10:43 AM
Updated: Apr 26, 2018 10:43 AM

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.

Markets Now newsletter: Get a global markets snapshot in your inbox every afternoon. Sign up now!

6. Coming this week:
Thursday - Time Warner, American Airlines, Dunkin' Brands, General Motors, PepsiCo, Starbucks and Southwest earnings
Friday - Exxon earnings; Q1 GDP

Oregon Coronavirus Cases

Data is updated nightly.

Cases: 193732

Reported Deaths: 2572
CountyCasesDeaths
Multnomah38352591
Washington25592233
Marion22026306
Clackamas17440214
Lane13007148
Jackson10862139
Deschutes896274
Umatilla820284
Linn492969
Yamhill446376
Klamath441164
Polk375752
Malheur351863
Josephine334570
Douglas327271
Benton310019
Jefferson219837
Coos206633
Columbia174427
Union144823
Lincoln137921
Wasco137728
Hood River118730
Crook111322
Morrow110716
Clatsop9858
Baker95414
Tillamook6493
Curry6469
Grant5095
Lake4517
Harney3448
Wallowa1845
Gilliam631
Sherman581
Wheeler321
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California Coronavirus Cases

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Cases: 3764405

Reported Deaths: 62573
CountyCasesDeaths
Los Angeles123645624067
Riverside2994554594
San Bernardino2967824715
San Diego2785913729
Orange2709835026
Santa Clara1190642096
Kern1091771374
Sacramento1048401686
Fresno1018381688
Alameda879401657
Ventura810011013
San Joaquin732201391
Contra Costa68741805
Stanislaus621421061
Tulare49654839
Monterey43613383
San Mateo42038568
San Francisco36720544
Santa Barbara34337456
Solano32953252
Merced31898460
Sonoma30035320
Imperial28443726
Kings22989246
Placer22679292
San Luis Obispo21308260
Madera16462242
Santa Cruz16264207
Marin14056227
Yolo13910210
Shasta12152226
Butte12026199
El Dorado10168112
Napa987082
Sutter9433112
Yuba626847
San Benito606563
Lassen570624
Tehama557262
Nevada474275
Tuolumne413166
Mendocino410149
Humboldt404641
Amador365847
Lake347643
Glenn239125
Colusa223416
Siskiyou223424
Calaveras212954
Inyo142838
Del Norte13938
Mono12844
Plumas7106
Modoc4994
Mariposa4487
Trinity4005
Sierra1120
Alpine880
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