10 things you need to know before the opening bell
Here is what you need to know.1. Credit Suisse's COO stepped down after a bonkers spying saga caused 'severe reputational damage'. The bank called the spying "wrong and disproportionate."Advertisement
2. Credit Suisse contractor who hired a spy to trail a former top banker is reportedly dead by suicide. Inside Paradeplatz, a Swiss business blog, first reported the death.
3. Europe's manufacturing sector is spiraling downward, with PMI falling to a 7-year low. September's PMI figure was 45.7, down from August's figure of 47.0, continuing its decline since the start of the year.4. Major US fund managers have billions of dollars at stake in some of the most popular Chinese stocks, exposing them to potential losses should the White House move to delist Chinese firms from US exchanges. "The proposed measures would completely undermine the international market and would harm the US's role as a conduit for international capital," Jefferies equity strategist Sean Darby wrote in a client note.
5. Danske Bank is closing down its banking activities in Estonia. The country's financial regulator in February ordered it to close its branch at the center of one of the largest-ever money laundering scandals.6. Bayer on Tuesday said it is spending more than 25 billion euros ($27.2 billion) on research and development at its agriculture unit over the next 10 years. "Agriculture needs to feed a growing world without starving the planet," Liam Condon, a board member and the head of the crop science division, said at a company event. 7. A banker revolution against Brexit is brewing in London's leafy stockbroker belt. Wealthy residents of the Tory stronghold of Surrey are "appalled at the current government."Advertisement
8. US stocks are set to nudge higher while Europe remains quiet on Tuesday. US futures underlying the S&P 500 (+0.3%) and Nasdaq (+0.4%) are both rising. In Europe, the DAX (-0.1%) is dropping marginally as is the Euro Stoxx 50 (-0.1%). In Asia, the Nikkei (+0.6%) closed higher. The Hang Seng and Shanghai Composite were closed on China's national day.
9. There are lots of earnings out today. UK bakery giant Greggs is the highlight.10. There is some important data on the docket. Market watchers will be keeping an eye on ISM manufacturing data, which is scheduled for release later today.Advertisement
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