Good morning! Here are the major stories you need to hear in markets today.
German industrial production bounced in April. Output from Germany’s industrial base rose by 0.9% from March. The previous month’s data recorded a 0.4% fall in production from February.
Turkey’s dominant political party lost its majority in parliament. The results, which have left the AKP about 18 seats short of a majority, come as a major surprise. It’s the first time in 13 years the party has been without at least half the seats in parliament, and the results will likely put an end to attempts to empower President Recep Tayyip Erdogan, who wanted the country to have a more presidential system.
Deutsche Bank’s CEO is out. Germany’s largest lender Deutsche Bank purged its leadership on Sunday, appointing Briton John Cryan as chief executive to replace Anshu Jain just two weeks after Jain was given more power to reorganise the bank.
Apple’s music streaming service is coming. Apple will announce its new music streaming service on Monday, according to remarks by the chief executive of Sony Music, Doug Morris, VentureBeat reported on Sunday.
European Commission President Jean-Claude Juncker turned on Greece’s government. European Commission President Jean-Claude Juncker accused Greek Prime Minister Alexis Tsipras on Sunday of distorting proposals by international creditors for a cash-for-reform deal to save Athens from default and urged him to put forward alternative proposals swiftly to allow negotiations this week.
While Yanis Varoufakis wants an intervention from Angela Merkel. Greece’s finance minister called on German Chancellor Angela Merkel to give his country a “Speech of Hope”, to signal Europe was ready to end its demands for austerity, similar to that given to Germany at the end of World War Two.
General Electric has nearly sold its private equity unit. General Electric is nearing an agreement to sell its private-equity lending unit to Canada’s biggest pension fund, the Wall Street Journal reported on Sunday. GE and the Canada Pension Plan Investment Board are aiming to sign the deal Monday, the WSJ said, citing people familiar with the matter.
Japan’s economy grew even more quickly than thought in the first quarter. Japan’s economy grew much more than initially thought in the first quarter, revised data showed Monday, driven by stronger capital spending. The 1% expansion in January-March — or 3.9% on annualised basis — was sharply up from an initial estimate of 0.6% growth, according to the Cabinet Office figures.
Eurozone investor confidence is coming. The latest Sentix investor confidence figure comes out at 9:30 a.m. London time (4:30 a.m. New York). The index dipped very slightly in May, following monthly improvements that had stretched from October.
Asian markets are mixed. Hong Kong’s Hang Seng is up 0.46%, Japan’s Nikkei is down 0.11% and the Shanghai Composite Index is up 1.35%.