Here is what you need to know.
- The ECB doesn’t like the idea of Deutsche Bank merging with Commerzbank. “I do not particularly like the idea of national champions, of European champions; especially when you are a supervisor, you should not promote any particular structural outcome,” Andrea Enria, the chair of the European Central Bank’s Single Supervisory Mechanism, told the Financial Times.
- Deal-making lags 2018. There have been $US345.3 billion worth of mergers and acquisitions worldwide in 2019 – down from more than $US500 billion at the same point last year. Take a look at the nine biggest deals this year.
- The next earnings recession could send stocks tumbling. The stock market rallied during the earnings recession of 2015-2016, but Morgan Stanley’s chief US equity strategist, Mike Wilson, lays out eight reasons equities won’t be so lucky this time.
- The SEC fires back at Elon Musk. The Securities and Exchange Commission said that Musk’s February tweet about Tesla’s production numbers was a “blatant violation” of its court settlement and that it was “stunning to learn” that he had not yet received approval for any of his Twitter posts.
- A massive cyberattack hit one of the world’s largest aluminium companies. The Norwegian aluminium producer and renewable-energy provider Norsk Hydro said that “IT systems in most business areas were impacted” but that it did not yet know the full extent of the attack.
- Tilray posts strong sales. The cannabis producer saw revenue surge 110% to $US43.1 million in 2018 as its annual loss widened to $US0.82 a share.
- The Fed meets. Traders are pricing in just a 0.8% chance that the Federal Reserve hikes interest rates Wednesday at the conclusion of its two-day meeting.
- Stock markets around the world are mostly higher. Hong Kong’s Hang Seng (+0.19%) outperformed in Asia, and Germany’s DAX (+0.58%) leads the advance in Europe. The S&P 500 was set to open up 0.33% near 2,842.
- Earnings reporting remains light. FedEx and Tencent Music report after markets close.
- US economic data keeps coming. Factory orders and durable-goods orders will cross the wires at 10 a.m. ET. The US 10-year yield was down 1.1 basis points at 2.59%.
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