10 things you need to know in markets today

Good morning! Here’s what you need to know.

1. German Chancellor Angela Merkel on Sunday defended “painful” concessions she has made to the Social Democrats (SPD) to secure a fourth term. Merkel said she wanted a younger generation of her Christian Democrats (CDU) to fill ministerial posts in a new coalition with the SPD.

2. Emirates bought as many as 36 Airbus A380 aircraft worth as much as $US16 billion at list prices. The order, for 20 of the double-decker planes with an option for 16 more, was originally announced on a provisional basis in mid-January. Deliveries are to start as soon as in 2020, the Dubai-based carrier said.

3. Prime Minister Theresa May will make a speech on Brexit in the next three weeks, one of several planned addresses by senior ministers designed to set out the country’s path to leaving the European Union. Brussels said last week a transition deal was not a certainty and that London needed to clarify what it wanted from the EU.

4. Thousands of websites, including ones run by U.S. and UK government agencies, were infected for several hours on Sunday with code that causes web browsers to secretly mine digital currencies. More than 4,200 sites were infected, according to The Register.

5. Senior Renault board member Thierry Desmarest has resigned from the French carmaker. Desmarest’s exit comes amid renewed tensions between Renault and its biggest shareholder, the French government.

6. The new chief executive of Switzerland’s Breitling watch company said he has ended advertisements with some featuring women in shorts and flight suits on grounds they were inappropriate.Some of the ads portrayed women acting as ground support for male pilots flying P-51 Mustang aeroplanes.

7. Credit Suisse faces a US class action lawsuit over $US1 billion in writedowns it took in 2015 and 2016 linked to its trading division. The Swiss bank said the case was “without merit.”

8. Riyadh’s Ritz-Carlton Hotel reopened on Sunday.It came more than three months after it was converted into a gilded prison for members of Saudi Arabia’s business and political elite detained in an anti-corruption purge.

9. Supermarket group Tesco, Britain’s biggest retailer, is planning a chain of cut-price stores to counter the growth of discount rivals Aldi and Lidl, the Sunday Times newspaper reported.The paper said Tesco was understood to be developing a separate brand that would match its German competitors on price with a more limited range than in its main stores.

10. Qatari investment fund Mayhoola, which owns Italian fashion house Valentino, and Chinese conglomerate Fosun, the company behind Club Med, are vying to acquire a majority stake in French fashion house Lanvin. The storied Parisian label, France’s oldest surviving couture house, is controlled by Taiwan-based businesswoman Shaw-Lan Wang, and had enjoyed a revival in recent years under star designer Alber Elbaz.

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