10 things you need to know before European markets open

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

The EU referendum campaigns have been suspended. Labour Party lawmaker Jo Cox was shot and killed on Thursday. A 52-year-old man has been arrested. Groups on both sides of the British EU referendum said they have suspended their campaigns.

Oil rose. Crude oil prices rose in early Asian trade on Friday for the first time in seven days as markets took a breather from concerns about the impact of Britain’s possible exit from the European Union.

The EU Commission got tough with Russia. Commission head Jean-Claude Juncker warned Russia that the 28-nation bloc will only lift its sanctions if the Kremlin fully implements a Ukraine peace deal.

Brexit would hurt global banks. Earnings of large US banks would be hit by 1-6% this year if Britons vote in favour of leaving the European Union next week, according to brokerage Keefe, Bruyette & Woods.

Wal-Mart wants to grow. Wal-Mart Stores , the world’s biggest retailer, expects to add $45 billion to $60 billion of new sales over the next three years, the chief executive said.

PIMCO is struggling. Pacific Investment Management Co plans to cut nearly 3% of its workforce as assets under management have fallen since the September 2014 departure of Bill Gross. Pimco’s assets stood at $1.5 trillion as of March 31, down from a peak of about $2 trillion in the first quarter of 2013.

Nissan is recalling cars. Nissan’s Infiniti luxury brand will recall roughly 60,000 vehicles globally, as the steering system key to the Q50 sedan’s autonomous driving capabilities could malfunction.

The US current account deficit is widening. The US current account deficit widened to a more than seven-year high in the first quarter as goods exports fell and investment from abroad declined.

A former SAP exec is in trouble. The US Securities and Exchange Commission said that it had charged with insider trading a former SAP America executive and three friends who made more than $500,000 based on his illegal tip about an impending merger.

VW is going electric. German automaker Volkswagen plans to ramp up its offerings of electric vehicles as it fights to bounce back from a scandal over diesel cars rigged to cheat on emissions tests.

NOW WATCH: The best and worst months to rent an apartment in major US cities

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.