the eu is expected to sign off on the takeover of osram according to reuters officials reportedly do not see any issues with the deal as the two companies do not have many overlapping businesses and banking sector commerce bank is set to approve more branch closures and job cuts when the supervisory board convenes a special meeting on wednesday according to a german newspaper. they said earlier this month that cost cutting measures will likely be more severe than originally announced the german bank announced last year it would cut the number of its branches to around 800 from the current 1,000. it's also estimated that it would have to eliminate 4,300 position while adding 2,000 new jobs into strategic areas. >> it's best for creditors if it continues to operate after solvency last week it expects to have a provisional administrator appointed shortly. meanwhile the german government will terminate it's contract with watchdog in the wake of the scandal according to several media outlets. regulators are accused of adequately failing to oversea the accounts after nearly 2 billion euros

they have a takeover of all tram they are -- osram they are in the middle of. take their auto unit and put it in a separate holding. this has raised speculation that they will sell the unit. this has a lot of unions concerned and confirms the worst of their fears and why they oppose the deal. no signs have confirmed anything yet, but automotive support has taken a hit during the pandemic so this -- if they do this, if the rumors are true, this could be getting rid of a unit that is generating cash for them. thanks very much. dani burger, looking at stocks that are likely to move at the open. we do see futures that are still pointing higher. we have had those korean headlines that have knocked them down a little bit but not too much. still looking at 2.5% gains on the backs and cac. 2.25 on the ftse and less than 1% gains on the s&p 500 and nasdaq. the open is next. this is bloomberg. ♪ anna: a minutes until the start of cash equities trading for this tuesday morning. sentiment boost, the fed announces it will begin buying individual corporate bonds and the trum