10 things you need to know before European markets open

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

Brexit helped keep US rates low. Federal Reserve Chair Janet Yellen left U.S. interest rates unchanged on Wednesday, citing slow jobs gains, tepid growth and low inflation – and an impending vote in Britain on whether to quit the European Union.

Oil fell. Oil prices fell for a fifth day on Wednesday, their longest losing streak since February, knocked by mounting concerns about Britain’s possible exit from the European Union and a surprise build in US inventories.

Emissions testing will get tougher. EU regulators proposed stricter tests on car fuel consumption and carbon dioxide emissions from late next year to plug loopholes highlighted by the Volkswagen emissions scandal.

Investors dumped US debt. Foreign investors sold a record amount of US Treasury bonds and notes for the month of April, according to US Treasury Department data, as investors priced in a few more rate increases by the Federal Reserve this year.

The Conservative party civil war over Europe is heating up. Finance minister George Osborne said on Wednesday he would introduce an emergency budget if Britain voted to leave the European Union, but 57 of his own Conservative Party’s lawmakers said they would block the measures.

China is doing deals in eastern Europe. Chinese President Xi Jinping is expected to sign a series of agreements in areas ranging from trade to civil aviation during a visit to Serbia and Poland starting this week, diplomats said, as China looks to bolster its presence in central and eastern Europe.

Disney is opening up in China. Walt Disney’s Shanghai park is already its biggest overseas outpost. Disney’s largest overseas investment at $5.5 billion, the park is a bet on China’s middle class and its booming domestic tourism.

The US economy looks shaky again. US industrial production fell more than expected in May on a decline in utilities output and auto manufacturing, the Federal Reserve said, a sign that the economy may be losing some steam in the second quarter.

SoftBank’s bet on Alibaba paid off. SoftBank Group said it expects to book a profit of between 200 billion yen and 250 billion yen ($1.9 billion-$2.4 billion) this financial year on the sale of its shares in Alibaba Group.

Retail tycoon Sir Philip Green faced a grilling from MPs. He attacked what he saw as “envy” of his success as he defending his role in the collapse of BHS to MPs on Wednesday, insisting he did everything he could to save the retailer and ensure it went to a good buyer.

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