Here's what you need to know before the
1. Carl Icahn blasted Occidental Petroleum's $10 billion financing from Warren Buffett again. Carl Icahn slammed Occidental Petroleum's infamous deal with Warren Buffett yet again after the oil refiner paid its dividend to Berkshire Hathaway using shares this month.
2. Deutsche Bank warns of 67% drop in profits as the coronavirus decimates performance.In a surprise pre-release statement on Sunday, the German bank said it expects its net profit to be €66 million ($72 million), compared to €201 million in the same period last year.
3. US banks, small businesses brace for lending race re-run. US banks are bracing for another chaotic dash to grab $310 billion in fresh small-business aid due to be released by the government on Monday, after it changed some of the rules of the first-come-first-served scheme at the 11th hour.
4. Apple to delay mass production of 2020 flagship iPhones. Apple Inc is delaying the production ramp-up of its flagship iPhones coming later this year by about a month as the coronavirus pandemic has weakened global consumer demand and disrupted manufacturing across Asia, the Wall Street Journal reported
5. GE's coronavirus troubles likely to hit power business, not just aviation. Quarantines and lockdowns at large U.S. power plants are threatening to squeeze a multibillion-dollar slice of revenue that General Electric Co is counting on to help lift profits.
6. Lufthansa should be supported but not nationalised: Bavarian premier. The German government should support Lufthansa as it tackles the coronavirus crisis but the flagship carrier should not be nationalised, Bavarian State Premier Markus Soeder said on Monday.
7. Nissan plans to slash domestic production. The Japanese automaker intends to cut output by 70% in May and 43% in June as the coronavirus continues to hammer demand for cars, documents seen by Reuters show.
8. Stocks are up. Global stocks rose Monday after the Bank of Japan ramped up its monetary stimulus in response to the coronavirus outbreak. Asian indexes climbed with China's Shanghai Composite up 0.3%, Hong Kong's Hang Seng up 1.9%, and Japan's Nikkei up 2.7%. In Europe, the FTSE was up 1.3%, the Euro Stoxx 50 was up 2%, and the Dax was up 2.4%. In the US, futures underlying the Dow Jones Industrial Average, the S&P 500, and the Nasdaq pointed to a positive open.
9. First-quarter earnings coming in. Bayer and Dr Pepper Snapple are highlights.
10. Economic data releases today. The Dallas Fed Manufacturing Index is due.
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