10 things you need to know before European markets open

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

The Swiss are rejecting free movement. Italians were up in arms after the southern Swiss canton of Ticino voted for a measure that would force employers to prioritise local residents over commuters living in Italy.

Draghi is upbeat on Europe. The euro zone economy is coping well with global uncertainty, such as Britain’s vote to leave the European Union, even if the outlook for external demand has worsened, the president of the European Central Bank.

France is going after tax fraudsters. French tax authorities have asked Switzerland to hand over client information for some 45,000 bank accounts as part of a probe into alleged tax fraud.

The South Sea situation is getting hotter. China has sent fighter planes for the first time over a strait near Japan, the two governments said Monday, after Tokyo announced it may patrol alongside the US in the disputed South China Sea.

There’s a new venture capital firm in Silicon Valley. Canvas Ventures has raised a $300 million fund to make new investments into startups working on fintech, healthcare, artificial intelligence and other cutting-edge technology.

The EU wants to improve ties with Russia. European Union leaders will explore next month the possibility of improving strained ties with Russia in response to growing irritation among some member states over economic sanctions imposed on Moscow over its role in the Ukraine crisis.

The market for markets is consolidating. CBOE Holdings Inc said it would buy BATS Global Markets Inc for about $3.2 billion, just over five months after BATS made its market debut, as the largest U.S. options exchange operator looks to diversify its business.

Bank of America is cutting jobs in Asia. The lender is set to cut about two dozen investment banking jobs in Asia, including some top dealmakers, sources told Reuters, as a slowdown forces western banks to cut costs.

Disney might bid for Twitter. Walt Disney is working with a financial adviser to evaluate a possible bid for Twitter, Bloomberg reported. Twitter has reportedly initiated talks with companies including Google parent Alphabet and may receive a formal bid soon.

There’s a big change at Nestle. Luis Cantarell, who heads Nestle’s Europe, Middle East and North Africa business and has been an advocate of blurring the lines between food and pharmaceuticals, is stepping down after 40 years, the Swiss company said.

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