10 things you need to know before European markets open

Ganesh festival indiaeuters/Shailesh AndradeDevotees gather on the shores of the Arabian Sea to immerse idols of the Hindu god Ganesh, the deity of prosperity, on the last day of the ten-day-long Ganesh Chaturthi festiva in Mumbai, India, September 15, 2016.

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

British Prime Minister Theresa May has rejected claims made by European Council president Donald Tusk that she will trigger the formal process to pull Britain out of the EU — known as Article 50 — in early 2017. A Downing Street source said May did not specifically mention January or February to Tusk and that his comments were an interpretation of their conversation.

The Australian share market failed to open on Monday morning because of a technical error. The market, the eighth largest in the world based on market capitalisation, had all stocks in “enquire” mode at the usual start of trading. At 11.30am, 90 minutes after the scheduled opening, stocks started coming back online.

Oil producing nations are close to making a deal on the future of oil, according to the president of Venezuela. President Nicolas Maduro said on Sunday that OPEC and non-OPEC countries were “close” to reaching a deal to stabilise oil markets and that he aimed for a deal to be announced this month.

Rolls-Royce is cutting jobs. The company said on Sunday it is cutting more than 200 management jobs as part of its ongoing restructuring. “This is part of our ongoing transformation program, designed to remove complexity and cost by simplifying our processes and our structure”, a Rolls-Royce spokesperson said in a statement.

German Chancellor Angela Merkel had another bad weekend at the polls. Merkel’s conservatives suffered their second electoral blow in two weeks on Sunday, with support for her Christian Democrats (CDU) plunging to a post-reunification low in a Berlin state vote due to unease with her migrant policy.

Russians voted for a new national parliament on Sunday night. Early results show that the Putin-backed United Russia party has a huge lead.

A bombing in New York City that injured 29 people over the weekend does not appear to be linked to international terror groups. Investigators have yet to determine a motivation for the explosion.

A bloc of EU member states in eastern Europe is threatening to veto any Brexit deal that would risk the right of their citizens to live and work in the UK. In yet another reminder of how tough negotiations will be for Theresa May, Slovakian Prime Minister Robert Fico said on Saturday that his country, Hungary, Poland, and the Czech Republic would unite to block any deal that threatens of the free movement of people.

Britain could be sued for up to millions of pounds if Brexit negotiators begin discussing trade deals with other countries before the country formally leaves the European Union. There is a “high risk” of the EU taking Theresa May’s government to court if it begins negotiating trade deals with countries the 28-nation bloc is already negotiating with, according to documents leaked to the Times newspaper.

Asian stocks are a little higher. Caution gripped Asian shares on Monday ahead of central bank meetings in the United States and Japan this week, while oil prices bounced on talk of an OPEC deal on output and reports of fighting around Libyan oil ports. Stocks dipped in early trading, but have rebounded, and as of 6:50 a.m. BST (1:50 a.m. ET) Japan’s Nikkei 225 is 0.7% higher.

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