Closing changes: US equities almost complete the comeback

US equity market performance

On the day:

  • S&P 500 -0.2%
  • Dow -0.2%
  • Nasdaq -0.1%

On the week:

  • S&P 500 +1.7%
  • Dow +1.2%
  • Nasdaq +1.9%

The S&P 500 had been down as much as 28 points but finished down just 5. The Nasdaq also turned briefly positive late before finishing lower. The market is sending signals that bad news can’t keep it down.

I can find a half-dozen good fundamental reasons to argue against stocks but I can’t find any technical ones.

SPX

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Deutsche Bank U.S. Cuts May Go Deeper Than Equities, Rates

© Bloomberg. People enter Deutsche Bank AG headquarters on Wall Street in New York, U.S., on Thursday, April, 26, 2018. Deutsche Bank AG is planning to cut more than 10 percent of U.S. jobs as it withdraws from businesses where it can't compete, a person briefed on the matter said. © Bloomberg. People enter Deutsche Bank AG headquarters on Wall Street in New York, U.S., on Thursday, April, 26, 2018. Deutsche Bank AG is planning to cut more than 10 percent of U.S. jobs as it withdraws from businesses where it can’t compete, a person briefed on the matter said.

(Bloomberg) — Deutsche Bank (DE:) AG’s job cuts across the U.S. will probably go far beyond equities and interest-rate derivatives trading, which have been marked as major targets, according to people with knowledge of the matter.

The German lender plans to start informing U.S. workers of the reductions beginning Monday provided its restructuring plan is adopted over the weekend, the people said, asking not to be identified because the matter is private. They didn’t give further details on which businesses may be affected.

Chief Executive Officer Christian Sewing is poised to adopt a sweeping restructuring plan focused on as many as 20,000 job cuts worldwide and a pullback from large areas of investment banking, the people have said. The bank may shutter U.S. equities trading entirely and a number of senior executives including U.S. chief Tom Patrick are leaving the bank, they said. The bank hasn’t yet detailed the cuts or how they’ll be distributed.

A Deutsche Bank spokesman declined to comment.

Germany’s largest lender employed 9,253 people in the U.S. at the end of 2018, down more than 10% on the previous year on the back of a restructuring Sewing introduced a little more than a year ago. Though the regional unit made a small profit last year, it racked up billions of dollars in losses in the preceding years. It has also been repeatedly under fire from U.S. regulators even though it recently passed the Fed’s stress test.

European operations are expected to fare much better. Deutsche Bank’s Nordic region chief Jan Olsson predicted that the overhaul will have little impact on the businesses he oversees. The area is “an integral part of the strategy at Deutsche Bank,” he said in an interview on Thursday.

Sewing has repeatedly said that Deutsche Bank remains committed to its U.S. presence, as the company wants to ensure it can continue to cater to the capital markets needs of large European companies. The lender may finalize the restructuring when the board meets this weekend.

(Updates with Nordic region CEO in sixth paragraph.)

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Economy News

US equities bounce around late but finish near the highs

Closing changes for the main indexes

  • S&P 500 up 18 points to 2793, up 0.6%
  • Nasdaq +0.5%
  • DJIA +0.7%

Here’s the intraday on the S&P 500. It dipped on the China trade talks and that has me worried. The commentary was entirely positive but it wasn’t good enough. To me it’s starting to look like a deal is fully priced in and all the risks are to the downside.

Closing changes for the main indexes

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European equities little changed at the open to kick start the new week

Risk is lacking direction as we begin the week

  • Eurostoxx -0.1%
  • Germany DAX +0.1%
  • France CAC 40 -0.1%
  • UK FTSE opens flat
  • Spain IBEX -0.1%
  • Italy FTSE MIB -0.1%

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The sentiment here is very much reflected by US equity futures, with E-minis trading near unchanged levels still at the start of the European morning. Trade talks continue to be the focus of markets and with little clue on how things are developing right now, investors and traders don’t really have much to work with at this point.

E-minis 04-02

USD/JPY still looks poised for an upside move though with price still trading at the highs now near 109.86. Other yen pairs are also inching higher with EUR/JPY and AUD/JPY also hitting highs of 125.83 and 79.53 on the day.

Treasury yields are a little higher again with 10-year yields now up nearly 2 bps to 2.704%. That’s likely helping with the move higher in yen pairs to start the session, though I still find it hard to envisage a meaningful break in USD/JPY above 110.00 for now.

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