10 things you need to know before the opening bell

Here is what you need to know.

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. 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.
  7. 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.
  8. 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.
  9. Earnings reporting remains light. FedEx and Tencent Music report after markets close.
  10. 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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