10 things you need to know before European markets open

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

Japan’s Nikkei exploded upwards. The Japanese index of stocks surged at the open and is currently up by 5.6% just ahead of the close.

Other Asian markets are up too. Hong Kong’s Hang Seng is seeing a major rally, up 3.09% as of 6:30 a.m. UK time (1:30 a.m. ET), while the Shanghai Composite is up 1.73%.

The World Bank says the Fed should hold off raising rates. The US Federal Reserve should hold off on raising interest rates until the global economy is more stable, the World Bank’s chief economist said in an interview with the Financial Times published on Tuesday.

China says it is trying to improve the way it calculates GDP. China’s statistics bureau said on Wednesday it has changed the way quarterly gross domestic product data is calculated, a move it calls a step to adopt international standards and improve the accuracy of Chinese numbers.

United Airlines’ CEO resigned. United Airlines CEO Jeff Smisek has resigned from the company. The Chicago-based airline announced Smisek’s departure, as well as the installation of Oscar Munoz as United’s new chief executive, in a statement on Tuesday afternoon.

British industrial production is coming. July’s figures for industrial production are coming for at 9:30 a.m. UK time (4:30 a.m. ET). Analysts are expecting a 0.1% boost month-on-month to leave production up 0.5% on the year.

Another poll is giving Syriza an extremely narrow lead in Greece’s election. Greece’s leftist Syriza party has a 0.5 percentage-point lead over the New Democracy conservatives ahead of a snap election on September 20, according to a poll published on Tuesday.

Lockheed Martin is laying off workers. Lockheed Martin will announce plans on Wednesday to lay off about 500 people across its information systems and government services division, which it plans to sell or spin off later this year, a person familiar with the plans said.

And Aerojet has had a massive offer for a Lockheed-Boeing venture. Aerojet Rocketdyne has submitted a $US2 billion (£1.3 billion) offer to buy United Launch Alliance (ULA), a 50-50 joint venture of Lockheed Martin Corp and Boeing, according to sources familiar with the matter.

German shoe chain Reno is hunting for a buyer. The family owners of German shoe chain Reno are seeking to find a buyer for the company by the end of the year, Chief Executive and co-owner Matthias Haendle told Reuters on Tuesday. Reno owner HR Group is Germany’s largest shoe retailer after Deichmann, and has roughly €600 million ($US672.24 million, £407.62 million) in annual sales and staff of 4,500.

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