Global Markets: Deutsche Bank under new leadership

WINNIPEG, MB, April 9 (CNS) – Global stock markets opened sluggishly this morning in the wake of the ongoing trade battle between China and the U.S. On Wall Street, the Dow Jones industrial average ticked 0.7 per cent higher while the Standard & Poor’s 500 was up 0.6 per cent. Germany’s DAX climbed 0.5 per cent to 12,303.24 and France’s CAC 40 rose 0.2 per cent to 5,270.81. So far, China and the U.S. have proposed tariffs equalling US$50 billion worth of goods but there are indications that could rise.
Germany’s largest lender is replacing its CEO. John Cryan has been the leader of Deutsche Bank since 2015 but in that time the institution has been mired in financial trouble. The bank has suffered three straights years of losses while its share price has plummeted. Replacing Cryan is Christian Sewing who formerly headed up the bank’s wealth management division.

One of the world’s largest drug-makers has announced an expansion into the world of gene therapy. Swiss-based Novartis is buying fellow pharmaceutical giant AveXis for US$8.7 billion. For several years ,AveXis has been working on medication to treat spinal muscular atrophy. The company also specialized in gene therapy and neuroscience.

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