1. Over a third of sovereign investors plan to cut their equity exposure over the next three years after a strong run in 2017. They cited trade wars, geopolitics and high valuations as headwinds to performance, a study by asset manager Invesco showed.
2. Chinese smartphone maker Xiaomi shares have slipped in its first trading day in Hong Kong following a multibillion-dollar initial public offering.Trading on Monday opened at 16.60 Hong Kong dollars ($US2.11) per share, below Xiaomi’s offering price of 17 Hong Kong dollars ($US2.17).
3. European leaders say they no longer have any illusions about Donald Trump as they welcome the U.S. president at a NATO summit this week. But they fear his “America first” agenda may force a moment of reckoning that works to no-one’s benefit.
4. Singapore state investor Temasek Holdings is likely to book a record S$300 billion ($US221 billion) for the value of its portfolio. This has been powered by gains in DBS Group Ltd and Chinese banks, while it steps up investment in tech startups.
5. French judges have decided to block 2 million euros of state subsidies due to be handed out to Marine Le Pen’s far-right party.In France, political parties receive public subsidies that depend on how they fare in elections.
6. Former Brazilian President Luiz Inácio Lula da Silva must be freed from prison, appeals court Judge Rogerio Favreto ordered. Lula, as the former president is known, has been in prison since April 7 serving a 12-year sentence related to a corruption case.
7. PayPal Holdings Inc is on the lookout for further acquisitions following its recent takeover of iZettle, the Swedish fintech startup, for $US2.2 billion, in the US payments company’s biggest ever deal.“We have a healthy balance sheet and we are ready to put it to work to buy more companies,” President and CEO Dan Schulman told Germany’s Handelsblatt business daily in an interview.
8. China will keep to the path of reform and opening up its markets that has lifted its growth, Premier Li Keqiang said. Li told a summit of eastern European leaders in Sofia that China would open the door wider for foreign products.
9. IMF Managing Director Christine Lagarde said a proposed joint euro zone budget could be designed with conditions so that it does not become a no-strings-attached transfer of rich countries’ cash to poorer members.The leaders of France and Germany agreed last month on a proposal for such a budget that would be used to smooth out economic difference between euro zone countries and stabilise their economies when facing shocks.
10. One of the world’s biggest cargo shippers announced it was pulling out of Iran for fear of becoming entangled in US sanctions. President Hassan Rouhani demanded that European countries to do more to offset the US measures.
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