10 things you need to know before European markets open

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

An OPEC cut is likely. Russian President Vladimir Putin and his Iranian counterpart Hassan Rouhani expressed support for OPEC’s plans to limit the cartel’s output ahead of a crucial meeting this week.

The UK strengthened ties with Poland. Prime Minister Theresa May discussed defence, security and trade with Polish Prime Minister Beata Szydlo on Monday, keen to strengthen ties with a key ally before Britain leaves the European Union.

UKIP has a new leader. Britain’s anti-EU party UKIP elected former history lecturer Paul Nuttall as its new leader on Monday to take over from Brexit firebrand Nigel Farage, a political ally of US President-elect Donald Trump.

Lufthansa planes are grounded. A pilots’ strike will ground around 1,700 flights at Europe’s biggest airline Lufthansa on Tuesday and Wednesday, the group said.

There’s another legal case over Brexit. The British government could face a legal challenge over whether leaving the European Union automatically would trigger a departure from the single market, the BBC reported.

The US-Cuba trade deal is in jeopardy. Republican President-elect Donald Trump said in a tweet on Monday he would end the United States’ “deal” with Cuba if the island nation did not make a better one.

German arms manufacturer Heckler & Koch will no longer sign contracts to supply countries outside of NATO’s influence. This is because it has become too difficult to obtain government approval for such deals.

Aerospace industry wars continue. Airbus called for a global agreement to set rules for the aerospace industry after the World Trade Organisation partially ruled in Europe’s favour in the latest round of a marathon subsidy dispute with Boeing.

An activist investor grew a stake in Cognisant. Elliott Management disclosed a stake of “more than 4%” in Cognisant Technology Solutions and urged the IT services provider to consider shaking up its board as one of several steps to boost shareholder value.

China is boosting infrastructure. China has approved a 247-billion-yuan ($36-billion) railway plan to improve transport links between the capital Beijing, the port city of Tianjin, and the neighbouring province of Hebei, part of plans to integrate the three areas into a mega-city.

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