Happy Monday everyone, among the things you should know before the opening bell: Anshu Jain and Juergen Fitschen resigned from their posts as co-CEOs of Deutsche Bank, Chinese car sales cool amidst a red-hot stock market, and Asian futures currently trade mixed, with the Nikkei signaling a possible higher trading day.
Deutsche Bank co-CEOs resign. The embattled Deutsche Bank co-CEOs Anshu Jain and Juergen Fitschen have announced their resignation from Germany’s biggest bank, ending the Jain era at the firm and ushering in former UBS AG chief financial officer John Cryan’s. Jain, who helped the German giant turn into a fixed-income juggernaut, will be stepping down at the end of the month. Fitschen meanwhile, will be leaving the firm May next year. Bloomberg
Turkey’s pro-Kurdish parties end 13-year AK party majority rule. Turkey’s ruling Justice and Development Party (AKP) has lost its majority rule for the first time in 13 years, ending President Erdogan’s hopes for boosting his own powers. FT (paywall)
Chinese, Japanese futures gain while Hong Kong slips. Seemingly bent on continuing last week’s record gain, contracts on FTSE China A50 Index climbed 0.1%, with the Nikkei following suit in the Osaka pre-market by jumping 0.3%. Futures on Hong Kong’s Hang Seng Index meanwhile, slid 0.1%. Bloomberg
Car salesmen are losing big-time thanks to China’s roaring equity market. Despite huge discounts, subsidized insurance, and a whole host of freebies, more Chinese have been turning away from buying cars in favor of putting their cash into the stock market, leading to last month’s auto sales coming in at its slowest increase in over two years. “People are not buying cars, no matter how big the incentives. People want their money in the stock market.” Bloomberg
Photo credit: World Economic Forum via Flickr