10 things you need to know in markets today

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

AT&T will buy Time Warner for $107.50 (£88) per share, or $85.4 billion (£69.9 billion). They announced the agreement Saturday night, following a string of reports in recent days that appeared to have accelerated the talks between the two companies.

The head of the British Bankers’ Association has warned that major banks are preparing to pull out of Britain early next year, following the vote to leave the European Union in June. Anthony Browne wrote in Sunday’s Observer: “Most international banks now have project teams working out which operations they need to move to ensure they can continue serving customers, the date by which this must happen and how best to do it. Their hands are quivering over the relocate button.”

European growth estimates are coming. Preliminary manufacturing, services, and composite PMIs for October will be released for France, Germany, Italy, and the European Union as a whole from 8.00 a.m. BST (3.00 a.m. ET) onwards. Economists are expecting a slight acceleration of growth across the whole EU, driven by the service sector.

Oil is slipping. The price of the fuel is falling after Iraq said it wanted to be exempt from any deal by producer cartel OPEC to cut production to prop up the market and as US drillers stepped up work. Brent crude is down 0.41% to $51.57 (£42.24) at the time of writing (6.30 a.m. BST/1.30 a.m. ET) and US crude is down 0.51% t0 $50.59 (£41.43).

Microsoft will be increasing the price of its enterprise software and cloud services in the UK in the wake of the sterling’s plunge since Britons voted to leave the EU. The price increase, from January 1 2017, will be 13% for its enterprise software and 22% for its enterprise cloud services, it said.

The pound is still falling against the strong dollar. Sterling is down 0.22% against the dollar to 1.2205 at the time of writing (6.30 a.m. BST/1.30 a.m. ET) and down 0.07% against the euro to 1.1226. New comments from a Fed official are driving the dollar higher on speculation of an interest rate hike by the end of the year.

TD Ameritrade Holding and Toronto-Dominion Bank are nearing buying Scottrade Financial Services in a $4 billion (£3.3 billion) deal, a source familiar with the matter said. TD Ameritrade, the biggest discount brokerage by trade executions, would acquire Scottrade’s brokerage operations, and Toronto-Dominion would buy Scottrade’s banking operations, the source said.

China Oceanwide Holdings Group has agreed to buy US insurer Genworth Financial for $2.7 billion (£2.2 billion) in cash. Genworth said in a statement on Sunday that privately held and family-owned China Oceanwide Holdings will pay $5.43 (£4.45) per share, a modest 4.2% premium to Genworth’s Friday closing price, to acquire all outstanding shares of the Richmond, Virginia-based company.

Asian stock markets have higher. Japan’s Nikkei is up 0.23% at the time of writing (6.35 a.m. BST/1.35 a.m. ET), China’s benchmark Shanghai Composite is up 1.21%, and the Hong Kong Hang Seng is up 0.46%.

Deutsche Bank will this week likely declare a bumper loss for the third quarter. The Times reports that the troubled German lender is expected to announce a net loss of €610 million (£543.2 million, $663.2 million) for the three months to the end of September, according to a consensus view of analysts, leading to an average forecast loss for the year of €1.4 billion (£1.25 billion, $1.5 billion).

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