The Australian sharemarket has extended its losses through the afternoon, with CSL, the major banks and miners weighing heavily.

The S&P/ASX 200 Index is down 78.6 points, or 1.2 per cent, to 6672.7.

CSL is down 1.9 per cent, BHP Group has fallen 1.3 per cent and Commonwealth Bank has dropped 1 per cent.

G8 Education has lost 8.8 per cent, HUB24 has dropped 6 per cent and Eclipx Group has declined 4.2 per cent.

It will likely take some weeks before the full local ramifications of Deutsche Bank's global restructure are clear, but it's fair to say the initial (and emotional) reaction is that the Australian business has been cruelled by its shaky German parent.

Deutsche will slash 18,000 jobs – just under a fifth of its workforce – in a €7.4 billion ($11.9 billion) restructure that will see it push $US300 billion ($429 billion) of assets into a so-called "bad bank" and then retreat from the global equities business.

Chief executive Christian Sewing's grand reset is designed to focus the bank on more stable sources of income, particularly commercial and private banking. Deutsche Bank's grand plan to challenge the titans of Wall Street Investment banking looks all but over.

Chanticleer has the full piece here.

ASX-listed residential developer Villa World has agreed to a takeover by private equity-backed Avid Property Group, following an unanimous Villa World board recommendation.

Villa World has agreed to a $2.3451 a share takeover, the higher revised price to the initial offer of $2.23 a share lobbed in March when Avid made its first approach. With 125.2 million shares outstanding, the offer would be worth $293.6 million.

The house and land developer's shares were trading at $2.325 on Monday morning following the announcement, a lift from $2.28 at close of Friday. The stock has had a resurgence since it went below $2 in recent times following the housing downturn.

Su-Lin Tan has the full story here.

Morgan Stanley has turned negative on equities, warning investors to prepare for the worst expected average returns in almost six years.

The downshift from equalweight to underweight came after more than a year of a neutral stance on global equities. "It's time to act," Morgan Stanley's global strategy team said, while alluding to a range of concerns they believe have only increased in the last month.

They include the ability of central bank policy easing to offset weaker economic data, poorer readings on the economic cycle, and disbelief that a trade truce between the US and China at the Group of 20 meeting will lead to a lasting positive outcome.

Against that backdrop, three specific factors drove the decision to downgrade global equities to a level the strategists said remained shy of "maximum negativity' but "reflects the poor risk/reward we now see for global stocks."

Sarah Turner has the full story here.

Banks should be afraid, very afraid, as Facebook will issue its cryptocurrency, the Libra, next year. Libra will function as a stable alternative currency tied to major government currencies. Its potential to disrupt banking in Australia is massive.

English regulators are harrumphing that they see no reason why Libra will succeed when such good payment options are available in pounds sterling. They are right and wrong. Right to suggest Libra's usefulness will initially be limited in highly developed countries like England and Australia; and wrong to imply Libra won't be a game changer. Some 1.7 billion people today lack access to the most basic financial services. Libra is mobile money in the Kenyan M-Pesa, mobile phone-based money transfer sense, on a global scale – it will take off in poor countries.

Ross Buckley has the full piece here.

Deutsche Bank is reportedly in meetings with its Australian staff to discuss how the firm's global downsizing plan will affect local operations.

The German lender announced overnight it would cut 18,000 staff worldwide as well as scrap its global equities business and scale back its investment bank in a broad, $11.9 billion restructure.

It has been reported the bank's Australian staff are in meetings on Monday to learn what the new strategy will mean for them.

Read the full story here.

Australian shares have fallen heavily through the morning trade, weighed by the major miners.

The S&P/ASX 200 Index is down 64.5 points, or 1 per cent, to 6686.8.

BHP Group is trading 1.6 per cent lower, CSL is down 1.3 per cent and Commonwealth Bank has slid 0.9 per cent.

G8 Education has dropped 8.8 per cent, HUB24 has fallen 4.4 per cent and Eclipx Group is down 4.2 per cent.

The data analytics business spun out of property giant Westfield by billionaire scion Steven Lowy is facing pressure from investors after it lost a key contract and burned through $56 million in cash in just over a year.

OneMarket has been trading at a large discount to its asset base since it listed on the ASX last year at a price of $1.53. The stock closed last week at 70¢.

The company has $120 million in cash on its books, but investors are concerned it is being "burned up at a rapid rate".

One fund manager, who declined to be named, said many former Westfield investors who took up entitlements from the float have sold, leaving the register dominated by more tech-related shareholders.

Carolyn Cummins has the full story here.