10 things you need to know before European markets open

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

Asian stocks dipped overnight. Hong Kong’s Hang Seng shed 0.7% to 19,872.51 and the Shanghai Composite Index in mainland China retreated 2.9% to 2,817.21.

Citigroup’s trading arm is making less money. Citigroup first-quarter markets revenue is running 15% lower than a year earlier and its investment banking revenue is off by 25%, Chief Financial Officer John Gerspach said.

We’ll get a good look at the UK economy. The Office for National Statistics publishes the latest data on industrial production and manufacturing production at 9:30 a.m. UK time (4:30 a.m. ET).

A dozen people were wounded in Israel. A Palestinian went on a stabbing spree along the Tel Aviv waterfront Tuesday as US Vice President Joe Biden arrived in the city, leaving an American tourist dead and 12 people wounded, police said.

Brazil’s Petrobras scandal claimed a big scalp. Brazilian construction tycoon Marcelo Odebrecht was sentenced to 19 years in prison for corruption and money laundering in the giant Petrobras embezzlement scandal shaking Latin America’s biggest country.

Slovenia is closing to migrants. The Slovenian government announced Tuesday that it will refuse to allow the transit of migrants across its territory from midnight, apart from “humanitarian” exceptions, in a bid to shut off the Balkan migrant route.

A Japanese air bag maker might go bust because of a product recall. Takata Corp enlisted restructuring lawyers at law firm Weil Gotshal & Manges amid recalls covering millions of vehicles, the Wall Street Journal reported.

A former JPMorgan Chase employee was jailed for stealing. Michael Oppenheim, an investment adviser, was sentenced to five years in prison on Tuesday after admitting that he stole at least $20 million (£14 million) from client accounts to fund a gambling addiction and to trade in stock options.

More investment banking jobs went down the drain. Bank of America Merrill Lynch cut jobs in its global banking and markets business on Tuesday. The job cuts have already taken place in Asia, and worked their way across time zones to Europe and now the US, according to people familiar with the matter.

The French railways are on strike. France’s four major rail unions have called a 36-hour strike that is set to disrupt train traffic as separate protests against a labour reform are expected Wednesday in French cities.

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