10 things you need to know before the opening bell
Here is what you need to know.1. Oil spiked as much as 20% after the sudden attack on Saudi oil supplies. The strike affected almost 6 million barrels of daily production or about 5% of global output.Advertisement
2. Trump responded to the attacks by saying the US is 'locked and loaded'. Trump in a tweet said his administration had "reason to believe that we know the culprit" and signaled the US was prepared to act upon "verification" of its suspicions.
3. China's slowdown deepens in August: industrial output growth falls to 17 1/2 year low. Despite a slew of growth-boosting measures since last year, the world's second-largest economy has yet to stabilize, and analysts say Beijing needs to roll out more stimulus to ward off a sharper slowdown.4. OxyContin maker Purdue Pharma files for bankruptcy protection. Purdue reached a tentative deal to resolve lawsuits with 24 states and five US territories, as well as the lead lawyers for more than 2,000 cities, counties and other plaintiffs, the company said.
5. Oil stocks are surging after strikes on Saudi oil fields wiped out half of the nation's oil output. The spike in oil prices sent shares in Exxon Mobil, BP, and other oil groups higher.6. British Prime Minister Boris Johnson is set to explore a Brexit deal with the President of the European Commission Jean-Claude Juncker over lunch of snails and salmon. With less than seven weeks until Britain is due to leave the European Union, Johnson has yet to reach an agreement with Brussels on how to manage the separation.7. A major climate package Berlin is due to announce this week will cost the German government 4 to 5 billion euros per year. A coalition of parties is expected to present plans to extend grants for electric car buyers, expand a network of charging stations, raise road taxes for polluting vehicles, and improve heating systems for buildings.Advertisement
8. Stocks are plunging as traders pile into havens after a drone strike slashed Saudi oil output. US futures are down, with both the S&P 500 (-0.4%) and the Nasdaq (-0.6%) falling. In Europe, stocks dropped as the DAX (-0.6%) fell as did the Euro Stoxx 50 (0.7%.) Asia was more mixed as the Nikkei (+1.1%) was up, but the Shanghai Composite was flat and the Hang Seng (-0.8%) fell.
9. There are loads of earnings out today. Restore and MJ Gleeson both release earnings today.10. Monday is a quieter day for data. Today's highlight is the New York Empire State Manufacturing Index. Advertisement
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