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Here are five things you must know for Monday, July 8: 

1. -- Stock Futures Slump as Strong Jobs Report Lower Hopes for Fed Rate Cut

U.S. stock futures were lower on Monday and Asian shares finished firmly in the red as a strong U.S. jobs report pared bets on aggressive near-term interest rate cuts from the Federal Reserve.

The jobs report for June, released on Friday, showed the U.S. added a much-larger-than-expected 224,000 jobs to the economy last month. The report has triggered a broad re-pricing of Fed expectations, with traders now looking for a smaller rate cut in July of 25 basis points, with perhaps only one more cut after that in 2019 amid a resilient economy with a booming employment market.

The fresh assessment on rates has traders worried that one of the key underpinnings of the recent rally, which helped all three Wall Street benchmarks touch record highs last week, will no longer provide support for both expensive U.S. equities and global stocks.

That concern also was reflected in a note over the weekend from Morgan Stanley, which lowered its view on global equities to underweight, the lowest in five years, from a previous assessment of neutral. Morgan Stanley cited high valuations, falling government bond yields and weakening economic data.

Contracts tied to the Dow Jones Industrial Average fell 60 points, futures for the S&P 500 were down 5.40 points, and Nasdaq futures declined 29 points.

2. -- Fed Chairman Powell, PepsiCo Earnings Highlight the Week's Calendar

The economic calendar in the U.S. on Monday is bare, but later in the week Federal Reserve Chairman Jerome Powell will deliver his semi-annual testimony to both House and Senate financial committees. The Consumer Price Index will be released on Thursday, and the Producer Price Index will be issued on Friday.

The earnings calendar for Monday also is light. Reports will be released starting Tuesday from PepsiCo (PEP - Get Report)  and Levis Strauss (LEVI) . Delta Air Lines (DAL - Get Report)  will report earnings on Thursday.

3. -- Deutsche Bank to Cut 18,000 Jobs in Massive Restructuring 

Deutsche Bank (DB - Get Report) expects to slash 18,000 jobs by 2022 and create a so-called bad bank for around €74 billion in underperforming assets as part of an $8.3 billion restructuring that will see Germany's biggest lender exit its equities sales and trading business.

The overhaul, which will cost the bank €3 billion in second-quarter charges, also will lead to a €2.8 billion loss over the three months ended in June, a suspension of the bank's regular dividend and a 40% reduction in the overall asset base of the business units targeted for change.

CEO Christian Sewing called the moves "the most fundamental transformation of Deutsche Bank in decades" and said it was a "restart" that would "benefit of our clients, employees, investors and society."

"In refocusing the bank around our clients, we are returning to our roots and to what once made us one of the leading banks in the world," Sewing said in a statement. "We remain committed to our global network and will help companies to grow and provide private and institutional clients with the best solutions and advice for their respective needs - in Germany, Europe and around the globe. We are determined to generate long-term, sustainable returns for shareholders and restore the reputation of Deutsche Bank."

Deutsche Bank said the moves would allow it to focus on its core businesses of corporate banking, financing, foreign exchange, origination and advisory, private banking, and asset management.

4. -- Saudi Airline Flyadeal Won't Proceed With $5.9 Billion Order for Boeing's MAX

Saudi Arabia's budget airline, flyadeal, said it would buy up to 50 Airbus A320neo planes and wouldn't proceed with a $5.9 billion order for 737 MAX planes from Boeing (BA - Get Report) .

Boeing's MAX aircraft has been grounded across the globe following two crashes within less than five months.

The order from flyadeal has a value of more than $5.5 billion, based on Airbus list prices that don't include industry-standard discounts, The Wall Street Journal reported.

The airline committed last December buy the MAX, only weeks after a 737 MAX operated by Lion Air crashed in early October.

Boeing shares fell 1.46% in premarket trading to $350.65.

5. -- U.S. Wins Women's World Cup Title for a Fourth Time

The United States beat the Netherlands 2-0 on Sunday to win its fourth Women's World Cup title.

The U.S. became just the second team to win consecutive Women's World Cup championships and the first country to win the title four times.

Megan Rapinoe scored on a penalty kick in the 61st minute to begin the scoring for the U.S. side. Rose Lavelle scored in the 69th minute to make the score 2-0.

Rapinoe finished the tournament with six goals, giving her a share of the scoring lead. She won the Golden Ball as the MVP of the World Cup and also the Golden Boot as the tournament's top scorer.

The team will be honored with a ticker tape parade Wednesday up the Canyon of Heroes in lower Manhattan.