10 things you need to know before European markets open

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

UK public sector borrowing is coming. The August figures for government borrowing are coming at 9:30 a.m. UK time (4:30 a.m. ET). Analysts are expecting a deficit of £8.65 billion ($US13.42 billion) this month after a surplus of £2.069 billion ($US3.21 billion) in July.

George Osborne wants closer ties with China. Britain’s Chancellor George Osborne will urge closer business ties with China as he visits the country’s commercial hub Shanghai on Tuesday, according to a speech text, despite slowing growth and a stock market slump in the world’s second-largest economy.

Berlin is ordering tests of Volkswagen diesel models. The German government has ordered extensive tests on all Volkswagen diesel models, Transport Minister Alexander Dobrindt told Bild on Monday, after it was revealed the company had programmed software to thwart US pollution control tests.

Alexis Tsipras took his oath of office. Greek Prime Minister Alexis Tsipras on Monday took his oath of office a day after being re-elected in a snap general election. Tsipras took a civil oath “to uphold the constitution and laws” of the country, and is expected to name a coalition government by Wednesday to begin applying the terms of the tough EU bailout he signed onto in July.

French power giants want Japanese investment. French nuclear giant Areva and power utility EDF have asked Japan’s Mitsubishi Heavy Industries to invest in Areva’s reactor subsidiary, the Nikkei business daily reported on Tuesday.

Asian markets are up. Japan’s Nikkei is closed for another public holiday, while China’s Shanghai Composite is up 1.22% and Hong Kong’s Hang Seng is up 1.10%.

Goldman Sachs’ COO called tech valuations “bubble-ish.” The chief operating officer of Goldman Sachs, one of the leading advisers to technology companies, has said the tech scene is “bubble-ish.” Goldman Sachs COO Gary Cohn fell short of describing the market as a fully developed bubble, however, saying that the heady valuations enjoyed by technology companies are different from those experienced in the first dot.com boom.

Bank of America shareholders vote on its chairman today. A group of shareholders is looking to strip Bank of America Corp Chief Executive Brian Moynihan of his chairman title on Tuesday in an investor vote and whether they fail or succeed, they have notched a victory just by getting the bank to hold a special meeting on the matter.

One of Argentina’s main presidential candidates wants a massive investment boost. Argentina’s ruling party presidential candidate, Daniel Scioli, on Monday vowed to seek at least $US30 billion (£19.34 billion) of investment per year over the next four years to stimulate the stagnant economy if he wins October’s election.

US Presidential candidate Hillary Clinton wants to lower drug costs. Democratic presidential candidate Hillary Clinton on Tuesday will propose a plan to lower the cost of prescription drugs, in part by ending pharmaceutical companies’ ability to write off consumer-directed advertising as a business expense.

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