10 things you need to know before European markets open

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

1. Austria’s new centre-right leader Sebastian Kurz called on Sunday for snap elections, heralding the imminent collapse of the ruling coalition after months of in-fighting. Setting up another nail-biting vote in Europe, that could see the populist far-right win power, Kurz said his party’s coalition with the centre-left could not continue.

2. The unprecedented global ransomware cyberattack has hit more than 200,000 victims in more than 150 countries, Europol executive director Rob Wainwright said. The head of the pan-European Union policing agency said that few had given in to the demands for payment to unblock files so far, but warned that the situation was escalating.

3. Theresa May’s Conservative Party has an 18 point lead over the main opposition Labour Party ahead of a June 8 national election, according to an opinion poll conducted by Comres for the Sunday Mirror and the Independent. The Conservatives were at 48%, down 2% from Comres’ previous poll published on April 23, against Labour’s 30%, an increase of five points.

4. Philip Hammond said Britain is a natural partner for China’s new Silk Road program, and as it leaves the European Union it wants more trade with the world not less. China is one of the countries Britain hopes to sign a free trade agreement with once it leaves the EU, and London and Beijing have been keen to show that Britain’s withdrawal from the bloc will not affect ties.

5. Emmanuel Macron was inaugurated as France’s youngest ever president on Sunday, facing daunting challenges to rejuvenate the economy and breathe new life into the beleaguered EU. Macron, a 39-year-old centrist, took over from President Francois Hollande, the Socialist whose five years in power were plagued by stubborn unemployment and bloody terror attacks.

6. The European Union could end up paying a Brexit bill to Britain instead of the other way round, British Foreign Secretary Boris Johnson said. Asked if he believed that Britain might end up receiving a payment, Johnson replied: “I do, I think there are very good arguments.”

7. Britain is against the EU’s desire for the European Court of Justice to oversee the rights of EU citizens living in Britain after the country leaves the bloc, Brexit minister David Davis said. “There will be arguments over fine detail … like whether the European Court of Justice oversees these rights after we’ve left,” Davis said.

8. Rothschild & Co., one of the oldest banks in Europe, is making a move on Silicon Valley. The firm announced it’s opening a San Francisco office in a bid to win business advising technology companies on deals.

9. American casino mogul Sheldon Adelson will reportedly give Israeli police testimony in an investigation into allegations of wrongdoing by Israeli Prime Minister Benjamin Netanyahu. Israel’s Channel 2 reported Sunday that Adelson, a close confidante of Netanyahu, and his wife will be questioned by police during their visit to Israel next week.

10. Saudi Arabia and Russia have agreed to extend crude oil output cuts until March 2018 in their latest effort to rebalance the global crude market, oil ministers for the two countries said on Monday. The next round of cuts will be on the same terms as the existing deal, Saudi energy minister Khalid al-Falih said at a joint briefing in Beijing.

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