10 things you need to know in markets today

Good morning! Here’s what you need to know in markets on Monday.

1. Crude oil futures rallied almost 2% after Saudi Arabia’s energy minister said on Sunday that the country plans to reduce its oil supply to world markets by 500,000 barrels per day in December, representing a global reduction of about 0.5 per cent.

2. It’s one of the biggest IPOs ever: SoftBank’s domestic telecoms unit on Monday received approval to list on the Tokyo Stock Exchange in an initial public offering worth 2.4 trillion yen ($US21.04 billion), a regulatory filing showed.

3. Germany’s SAP said on Sunday it was buying Qualtrics International Inc for $US8 billion in cash, pre-empting a planned stock market listing by the US-based company that specialises in surveying consumers online.

4. European companies are delivering their most disappointing earnings in nearly three years as a sluggish economy and rising costs take their toll on bottom lines, dealing another blow to investor confidence shaken by Italy’s budget crisis and Brexit. The benchmark STOXX 600 is on track for its worst year since 2011. Analysts have slashed their earnings estimates at their fastest pace since July 2016.

5.British foreign minister Jeremy Hunt will visit Saudi Arabia and the United Arab Emirates on Monday to press for an end to the war in Yemen and to call on Saudi leaders to cooperate with an investigation into the murder of journalist Jamal Khashoggi.

6. Alibaba just broke pretty much every 24 hour shopping record imaginable. The Chinese e-commerce giant made history, generating $US30.8 billion in sales over the last 24 hours.

7. UK Prime Minister Theresa May says Britain says Britain is open to a “different relationship” with Russia. May said the relationship could change if Moscow changes its ways and stops “attacks” that undermine international treaties and security.

8. China says will open up its economy even more.Chinese Premier Li Keqiang called for an “open world economy.”

9. French President Emmanuel Macron told world leaders in Paris that nationalism is a betrayal of moral values.Macron said that “old demons are reawakening” and warned against ignoring past lessons.

10. Twitter is struggling to curb fake Elon Musk accounts promoting cryptocurrency scams. Twitter has attempted to curb these scams by blocking users from changing their display names to “Elon Musk,” but the scammers have found their way around Twitter’s efforts.