After months of buildup, Hillary Clinton and Donald Trump will face off for the first time Monday night. U.S. futures fell before the debate tonight. "Investors will be watching closely on the shift of momentum in the race, which could once again trigger a new wave of market volatility," Margaret Yang Yan, market analyst at CMC Markets Singapore, told the Associated Press. But investors won't be alone in watching the first presidential debate -- over 100 million people are expected to watch -- basically, it's going to be huge. (But understandably, there's going to be a few that can't pull themselves away from "Monday Night Football").
Meanwhile, if Deutsche Bank (DB) was looking for help regarding its $14 billion fine, it will have to go somewhere else besides German Chancellor Angela Merkel's office. Shares of the bank were taking a hit in early trading after a German news magazine reported that Angela Merkel was not prepared to intervene in the lender's dispute with the U.S. Department of Justice. According to the magazine, Merkel made her reluctance clear in a confidential meeting with CEO John Cryan during the summer. She has also ruled out any financial help for the bank in "election year 2017. The Justice Department is seeking $14 billion for alleged mortgage securitization abuses during the financial crisis.
In M&A news, German specialty chemicals group Lanxess is acquiring Chemtura (CHMT) for approximately $2.5 billion in cash, or $33.50 per share. That price represents a premium of 18.9%. CHMT shares were rising by more than 17% before the bell. Lanxess CEO Matthias Zachert said in a statement that the acquisition of Chemtura will strengthen its portfolio, especially the additives segment. The transaction is expected to close around mid-2017.
Shares of Carnival (CCL) were down in premarket trading ahead of the latest quarterly report. Wall Street is expecting earnings of $1.89 per share on revenue of $5.06 billion for the third quarter. TheStreet's Jim Cramer is keeping an eye on the results because of the Zika virus: "No one ever wants to talk about Zika, so I won't either -- but I'll put that in your head."
Finally, in a year where we lost "The Greatest," we also lost "The King." Golf legend Arnold Palmer died at the age of 87 on Sunday. Palmer won seven major championships from 1958 to 1962. The golf icon was also awarded the Presidential Medal of Freedom in 2004 and the Congressional Medal of Freedom in 2009. Fellow golfer Jack Nicklaus said in a statement on Twitter that "Arnold transcended the game of golf ... He was a legend."
I just got the news at about 8:45 that Arnold had passed. I was shocked to hear that we lost a great friend—and… https://t.co/MLtCJR2Jxe— Jack Nicklaus (@jacknicklaus) September 26, 2016