10 things you need to know before European markets open

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

Asian shares are up. Asian shares rose on Monday, getting a tailwind from gains on Wall Street after a weaker-than-expected US jobs report prompted markets to trim expectations that the Federal Reserve would hike interest rates as early as this month.

Oil is down. Crude prices inched down on Monday in Asia, paring 3% gains in the previous session amid worries over a global oil glut.

Volkswagen is in trouble again. The European Commission has found that Volkswagen broke consumer laws in 20 European Union countries by cheating on emissions tests, German daily Die Welt reported.

The UK will suffer, May said. Britain’s economy will suffer as a result of the decision to leave the European Union despite signs in recent economic data that the impact has not been as severe as some predicted, Prime Minister Theresa May said.

German politics is changing. German Chancellor Angela Merkel’s conservative Christian Democrats fell to third place in a state election on Sunday behind the center-left Social Democrats (SPD) and anti-immigrant Alternative for Germany (AfD) party, TV exit polls showed.

The two biggest economies vowed to avoid a currency war. China and the United States committed anew to refrain from competitive currency devaluations, and China said it would continue an orderly transition to a market-oriented exchange rate for the yuan.

That Brexit plan is coming. The British government will set out in the coming week how it plans to shape its relationship with the European Union upon leaving the bloc, Prime Minister Theresa May said in an interview broadcast on Sunday.

A big M&A deal could be about to happen. Bayer’s supervisory board will discuss in a meeting on September 14 whether to sweeten its offer for Monsanto again or even pursue a hostile takeover.

Singapore’s leader said he was fine. Singapore Prime Minister Lee Hsien Loong said that he was “alright,” after he took ill two weeks ago during a national day rally speech.

The Chinese community protested in France. At least 13,000 people attended a rally in Paris on Sunday to protest against what they say is a crime wave targeting the Chinese community in France, police said, after a Chinese textile designer died after being mugged last month.

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