10 things you need to know before European markets open

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

Japan soared. At the close, the Nikkei 225 was at 16,022.58, up 1069.97 points or 7.16%.
The surge made up some of the 13% loss of last week when Japan was caught up in a global rout.

Volkswagen managers failed to heed warnings. A high-ranking employee warned senior Volkswagen managers in May 2014 that US regulators might examine car engine software as part of an investigation into pollution levels, two sources familiar with the matter told Reuters.

BAE is getting a new CEO. British defence company BAE Systems has picked former oil industry executive Charles Woodburn as heir apparent to Chief Executive Ian King, according to a Reuters report.

OPEC might act to combat low oil prices. The mood inside the Organisation of the Petroleum Exporting Countries (OPEC) is shifting from mistrust to a growing consensus that a decision must be reached on how to end the global oil price rout, Nigeria’s oil minister said.

Turmoil could hit aeroplane orders. Record plane orders placed by ambitious Southeast Asian airlines could be at risk in an environment of intense competition, low profitability and turmoil in financial markets, the head of the International Air Transport Association (IATA) said.

Germany is going to randomly test all cars for emissions cheating. Germany wants to carry out unannounced emissions tests on all carmakers, Transport Minister Alexander Dobrindt said, aiming to reinstate confidence in the industry that was shattered by the Volkswagen cheating scandal.

Britain’s talks with the EU will run to wire. Britain’s push to win backing from its European partners for its wish list of EU reforms will go “right to the wire” at a summit this week, Foreign Secretary Philip Hammond said.

Venezuela is being sued for $100 million (£69 million). A federal trial over a $100 million investors’ lawsuit against Venezuela includes allegations of fraud, hints of an international criminal conspiracy, and references to diamonds, German junk bonds and a mysterious house fire in Switzerland.

Spain might have to vote again. A majority of Spaniards believe that new national elections will have to be called given that party leaders have been unable to agree on a viable coalition after an inconclusive poll in December, a survey showed on Sunday.

Austria is tightening its border control. Austria will start building new facilities to better protect its borders, notably the one with Italy, Chancellor Werner Faymann said in an interview published on Sunday, underlining efforts to limit admissions of migrants.

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