Good morning! Here’s what you need to know in markets on Monday.
The pound and the euro slid overnight. The British pound and the euro fell to their lowest level since 2013 against the yen on worries a UK referendum later this month could pull Britain out of the European Union, possibly disrupting European political and economic affairs.
The IMF is sounding the alarm on Chinese debt. “Corporate debt remains a serious — and growing — problem [in China] that must be addressed immediately and with a commitment to serious reforms,” said David Lipton, the IMF’s second in command on a mission to the country over the weekend. Debt in China is now worth 237% of GDP, the Financial Times reports.
Sir Philip Green may refuse to speak in front of MPs. “Sir Philip is waiting for a proper response from Frank Field to his letter and will decide then,” said a spokesman. “He feels the committee is deeply prejudiced and not a proper forum in which to consider the evidence.” Green is due to speak in front of MPs this week about the collapse of BHS, but has yet to confirm if he will do so.
Sports Direct owner Mike Ashley still wants to buy BHS. According to the Financial Times, Ashley has made a third bid to buy the collapsed retailer, with a letter sent on his behalf to BHS’ administrators that he wants to reopen a further dialogue about our rescue plan for BHS.”
Two telecoms companies are battling it out to buy Yahoo’s core internet assets. U.S.rivals Verizon and AT&T are set to go through to the third and final round of bidding in the auction for Yahoo Inc’s core internet assets, according to people familiar with the matter, Reuters reports.
North Korean hackers have attacked thousands of South Korean computers. North Korea has hacked into more than 140,000 computers at large South Korean conglomerates and government agencies and planted malicious codes that may have been intended for a massive cyber attack that has been thwarted, a news report cited by Reuters said on Monday.
China’s Uber rival Didi Chuxing raised $600 million from China Life Insurance.This investment comes just a month after the ride-hailing app raised $1 billion from Apple.
At least 50 people are dead and 53 injured after a gunman opened fire inside a gay nightclub in Orlando, Florida. The massacre was the deadliest mass shooting in US history.
It is a very quiet day of data in Europe. The only data release of any note on the continent is the Conference Board Leading Index in the UK, which measures future trends of the overall economic activity including employment, average manufacturing workweek, initial claims, permits for new housing construction, stock prices and yield curve.