Good morning! Here’s what you need to know in markets on Monday.
It’s a big week of economic data in Europe. Eurozone unemployment figures and producer prices for the last month will be released on Monday, followed by Markit’s Purchasing Managers Index numbers for the services and manufacturing sectors — as well as a composite figure — on Tuesday.
Asian share prices held firm on Monday after solid US payroll data underpinned investor risk sentiment. Dovish comments from Federal Reserve Chair Janet Yellen the previous week kept the US dollar in check.
The price of oil is slipping on Monday. Just after 6:50 a.m BST (1:50 a.m. ET) both major benchmarks are down, with WTI off more than 1% to $36.40, and Brent down 0.88% to $38.33. Oil has been helped lower by Iran’s announcement that oil exports have surpassed two million barrels per day.
A huge leak of documents has revealed the tax affairs of hundreds of well known global politicians and leaders. The “Panama Papers” — a cache of 11 million documents from secretive Panamanian law firm Mossack Fonseca was leaked, and the findings revealed by the International Consortium of Investigative Journalists. The leak has revealed the offshore holdings of 140 politicians, public officials, and athletes around the world.
Negotiations between Greece and its creditors are set to resume this week. Negotiators will conclude a key bailout review, which will pave the way for negotiations on long-desired debt relief. The review has been adjourned twice since February, mainly due to a rift among the lenders over the estimated size of Greece’s fiscal gap by 2018, as well as disagreements with Athens on pension reforms and the management of bad loans.
Deutsche Bank has slipped down a prominent investment banking league table. Deutsche fell from its position as a top three global investment bank in research house Coalition’s ranking this quarter despite retaining that position since before the financial crisis in 2007/2008. It has now moved to fifth place, below Citigroup and Bank of America which both held joint third position and below Goldman Sachs in second place and JPMorgan in first place.
Support for Brexit has taken a massive lead, according to a new poll. According to an online survey taken by polling group Opinium for the Observer newspaper, support for a Brexit is at 43% — a whole four percentage points ahead of those who support staying within the 28-nation bloc, it was revealed on Sunday.
The world’s economic “canary in the coal mine” is still weak, but it seems to be showing signs of improvement. South Korean exports, nicknamed “the world’s economic canary in the coal mine,” fell 8.2% in March from a year earlier, according to its latest export data.
Virgin America is on the brink of being sold. The US arm of Virgin’s airline, is set to announce its sale to Alaska Air on Monday. The Financial Times reports that the deal will be worth about $2bn — or roughly $55 a share, according to a person familiar with the matter.
The British government is taking drastic steps to protect the country’s steel industry from extinction. On Sunday, Britain’s business secretary Sajid Javid outlined some radical incentive plans to try and get someone to buy Tata Steel, which is putting its entire UK business up for sale.
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