10 things you need to know before European markets open

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

Chancellor Philip Hammond admitted Brexit will take too long – and be too expensive – for Britain to stick to the Article 50 timeline. “The further we go into this discussion, the more likely it is that we will mutually conclude that we need a longer period to deliver,” the chancellor of the exchequer told MPs on Monday evening.

Chinese industrial output and retail sales are accelerating. According to China’s National Bureau of Statistics (NBS), industrial output grew by 6.2% in the year to November, topping expectations for an unchanged reading of 6.1%.

China’s housing market has clearly entered a downturn, primarily because of a government push to slow rampant price growth in some of the nation’s largest cities. That’s the view of Wei Li, China and Asia economist at the Commonwealth Bank, who says that data released on Tuesday suggests that market conditions are cooling.

The Dow Jones Industrial Average closed at a record high — its 15th since Trump’s victory. Across the US markets stocks were mixed to start the week during trading on Monday, with the Dow finishing in the green and Nasdaq in the red — a common post-election theme.

Brent crude oil prices firm as Abu Dhabi cuts exports. Oil prices were firm on Tuesday as the first signs of a crude production cut organised by OPEC and other exporters materialised, tightening a market that has been grappling with ballooning oversupply for over two years.

Trump officially picked Goldman Sachs President Gary Cohn to be National Economic Council director. Cohn was the No. 2 executive at the Wall Street firm, with only CEO Lloyd Blankfein senior to him. The move had been rumoured for days, with Cohn meeting several times with Trump over the past two weeks.

Exxon Mobil CEO Rex Tillerson looks set to be named as US president-elect Donald Trump’s secretary of state. It comes after former Massachusetts Gov. Mitt Romney posted on Facebook to saying it was an honour to be considered for the role.

Italy’s new Prime Minister, Paolo Gentiloni, has announced his new cabinet. Gentiloni succeeds Matteo Renzi, who resigned after losing a referendum eight days ago.

Pakistan International Airlines (PIA) Chairman Azam Saigol has resigned from his post. Saigol cited personal reasons, the company’s spokesman said on Tuesday, less than a week after a PIA plane crashed and all 47 people on board were killed.

Viacom named Bob Bakish its new president and chief executive officer, and it has made him a member of the board. Bakish had been serving as acting president and CEO since November 15. The appointment arrives after earlier news that a potential merger between CBS Corp and Viacom had been abandoned.

And finally … We sat down with the CEO of JPMorgan’s giant investment bank — here’s what he had to say about trading, hiring, and technology

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