10 things you need to know before European markets open
Anthony Devlin / PA Wire/Press Association Images
Brexit dominated share markets. Airlines, holiday companies and housebuilders joined British banks in bearing the brunt of Brexit-induced market turmoil on Monday, which analysts said reflected expectations Britain was headed for recession following its vote to leave the EU.
Asian markets fell. MSCI's broadest index of Asia-Pacific shares outside Japan slumped 0.3%, after Wall Street marked its worst two-day drop in about 10 months. Japan's Nikkei stock index was down 1.3% in early trading.
Oil rose. Oil prices rose in early trading in Asia on Tuesday as a looming strike in Norway threatened to cut output in western Europe's biggest producer, although Britain's vote to leave the European Union was still weighing on markets.
The UK got downgraded. Two major rating agencies downgraded the United Kingdom's credit rating on Monday. S&P Global Ratings lowered the UK to AA from AAA, with a "negative" outlook. And, Fitch cut its rating to AA from AA+, with a negative outlook as well.
A huge hotel merger got the go-ahead. US hotel chain Marriott International secured EU antitrust approval on Monday for its cash and share purchase of Starwood Hotels and Resorts Worldwide.
China got a big biotech hub. Pfizer will invest $350 million to build a biotech center in China, the latest in a series of moves by pharma industry giants to set up shop in the world's number two drugs market with the aim of securing faster approvals for their products.
Spain is still at a political impasse. Spain's Socialists, which came second in an election on Sunday after the conservative People's Party (PP), will not back acting Prime Minister Mariano Rajoy's re-election, spokesman Antonio Hernando said on Monday.
Britain's role in NATO still continues. The UK's vote to leave the European Union will not impact a summit next month of the NATO military alliance, US Secretary of State John Kerry said on Monday, predicting "an even stronger NATO going forward."
Yellen bailed on a speech. Federal Reserve Chair Janet Yellen is no longer due to speak at a global central bank summit starting on Monday, the second high-profile defection after the Bank of England's governor pulled out following Britain's vote to leave the European Union.
Turkey is normalising ties with Russia. Turkish President Tayyip Erdogan has written to Russian President Vladimir Putin to express regret about Turkey's downing of a Russian warplane and asked the family of the pilot to "excuse us", Erdogan's spokesman said.
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- 2 states where home prices are falling because there are too many houses and not enough buyers
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- 9 health benefits of drinking sugarcane juice in summer
- 10 benefits of incorporating almond oil into your daily diet
- From heart health to detoxification: 10 reasons to eat beetroot
- Why did a NASA spacecraft suddenly start talking gibberish after more than 45 years of operation? What fixed it?
- ICICI Bank shares climb nearly 5% after Q4 earnings; mcap soars by ₹36,555.4 crore
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market