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10 things you need to know in markets today
Thomson Reuters
Good morning! Here's what you need to know in markets on Monday.
1. Turkish President Tayyip Erdogan was re-elected. Erdogan, who has held power for more than 15 years, will now be able to appoint public officials and intervene in the legal system under changes made via referendum.
2. Half of EU business leaders have cut their investments in the UK because of Brexit. A new survey revealed that many international companies think Brexit is bad for business.
3. The U.S. Treasury Department is crafting rules that would block firms with at least 25 percent Chinese ownership from buying U.S. companies involved in "industrially significant technology," the Wall Street Journal reported on Sunday. Citing people familiar with the matter, the newspaper said the plans were not finalized and industry would have a chance to comment before they went into effect.
4. U.S. stock futures fell more than 0.5 percent on Monday, on the back of the news. The S&P500 mini futures fell more than 0.5 percent in early Asian trade.
5. Brent crude oil prices fell by more than 2 percent early on Monday as traders factored in an expected output increase that was agreed at the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna on Friday. Prices initially jumped after the deal was announced as it was not seen boosting supply by as much as some had expected.
6. China's central bank said on Sunday it would cut the amount of cash that some banks must hold as reserves by 50 basis points (bps), releasing $108 billion in liquidity, to accelerate the pace of debt-for-equity swaps and spur lending to smaller firms. The reserve reduction, the third by the central bank this year, had been widely anticipated by investors amid concerns over market liquidity.
7. China plans to lift part of its "Great Firewall" and give foreigners access to Facebook, YouTube, and Twitter on the holiday island of Hainan. China wants to transform the island, which is the size of Belgium and has been dubbed the "Hawaii of the East," into an international free trade zone and a sprawling hub for foreign investment, gambling, tourism, and luxury by 2020.
8. Prime Minister Shinzo Abe's support rose 10 points to outstrip his disapproval rating for the first time since February, a survey showed on Monday. The poll seemingly boosts his chance of weathering a series of scandals to become Japan's longest-serving premier.
9. Uber is fighting to get its license back in London. The ride-sharing giant lost its license and was ruled unfit to run a taxi service last year, but is headed to court on Monday to try and get the decision overturned.
10. Brexit has slashed Britain's public finances by £440 million a week, according to new research, which found the UK economy is already 2.1% weaker than it would have been if the country voted to stay in the European Union. A report from the Centre for European Reform (CER) found that — thanks to lower tax revenues — the knock-on hit of the vote to leave the EU to public finances has been £23 billion per year.
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