10 things you need to know in markets today

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

1. Nissan will hold a board meeting on Thursday to oust Chairman Carlos Ghosn after the shock arrest of its once-revered leader, starting what could be a long period of uncertainty in its 19-year alliance with Renault.The Franco-Japanese alliance, enlarged in 2016 to include Japan’s Mitsubishi Motors, has been rattled to its core by Ghosn’s arrest in Japan on Monday, with the 64-year-old group chairman and industry star accused of financial misconduct.

2. Chinese conglomerate HNA Group has turned to state-owned China Cinda Asset Management Co , among the country’s largest bad debt managers, for advice on asset disposals, people with knowledge of the matter told Reuters. HNA’s vice president, Dennis Chen, the nephew of its chairman Chen Feng, met with Cinda President Chen Xiaozhou on Tuesday to discuss cooperation, according to the people.

3. Corporate credit risk has increasingly come on the radar of major players in global economics and finance. But analysis from Citi suggests conditions in the US commercial lending market aren’t conducive to a near-term market collapse.Citi said current lending activity stands in stark contrast to the sudden withdrawal of credit prior to the 2008 financial crisis.

4. Asian shares seesawed in cautious trading on Thursday with China extending losses as investors worries about slowing global growth in the face of rising U.S. interest rates and trade tensions.U.S. stock futures were slightly higher after briefly turning down underscoring fragile investor sentiment following a rout in October and steep sell-offs in recent sessions. Spreadbetters pointed to a tentative start for Europe.

5. U.S. prosecutors are investigating the systems that Japan’s biggest bank, Mitsubishi UFJ Financial Group (MUFG), uses to track money laundering, the New York Times reported on Wednesday.The bank was subpoenaed by federal prosecutors in Manhattan late last year as it was locked in a court fight with the New York Department of Financial Services, according to the NYT report.

6. Leaving the European Union without a transition deal would cost Britain tens of billions of pounds, and failure to support Prime Minister Theresa May’s preferred plan could jeopardized Brexit altogether, finance minister Philip Hammond said on Wednesday.“A smooth exit from the European Union, doing this in an orderly fashion, is worth tens of billions of pounds to our economy,” Hammond told broadcaster ITV.

7. A new normal is taking root in U.S. stock markets, and the word that best sums it up starts with a “V”.For the second time this year, volatility has returned with a vengeance, and traders in the equity options market are betting ongoing market gyrations are not about to let up any time soon.

8. Tesla is cutting the price of its Model X and Model S cars in China, the U.S. firm said on Thursday, in a shift in strategy that will see it take more of a hit from tariffs linked to a biting trade war between China and the United States.The electric carmaker, led by billionaire CEO Elon Musk, said it will cut prices of the two models by 12-26 per cent to make the cars more “affordable” in the world’s top auto market, where sales of so-called new-energy vehicles are rising fast.

9. Amazon has found a new target to tackle in its continued pursuits to dominate retail: in-store mobile payments.Amazon has been talking with brick-and-mortar retailers to convince them to adopt Amazon Pay, the e-commerce giant’s online-payment option The Wall Street Journal reported.

10. Facebook is going to fight the fine it received from Britain’s privacy watchdog over the Cambridge Analytica scandal.In a statement on Wednesday, the company said it would appeal the £500,000 ($US640,000) penalty from the Information Commissioner’s Office (ICO).

Reminder: US markets are closed on Thursday to observe Thanksgiving.

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