10 Things You Need To Know Before European Markets Open
Japan Is In Recession And The Yen Hit A 7-Year Low. Unexpectedly poor GDP data just sent Japan into a recession, with a -0.4% contraction in Q3, when 0.5% growth was expected. The dollar hit ¥117 as the news broke, the highest since 2007.
A 24-Year Old Streak In The Korean Auto Market Has Ended. South Korea is on track to spend more on vehicle imports from Europe this year than it earns from exports the other way, for the first time in 24 years, as German brands breach the once impregnable fortress of Hyundai Motor and its local rivals.
The Landmark Shanghai-Hong Kong Stock Link Just Opened. The link is expected to drive billions of dollars of trading every day.
Australia And China Just Sealed A Trade Deal. China and Australia on Monday signed a declaration of intent on a landmark free trade deal more than a decade in the making, opening up markets worth billions to Australia and loosening restrictions on Chinese investment.
Facebook Is Working On A Professional Development Website. Facebook is secretly working on a new website called "Facebook at Work" that would allow users to keep their personal profile separate from their work profile, the Financial Times reported.
Asian Markets Are Down. The unexpected shrinkage of the Japanese economy sent Japan's major stock index, the Nikkei, tumbling 2.96%. Hong Kong's Hang Seng is currently down 0.70%.
Romania's Prime Minister Conceded Defeat. Romanian Prime Minister Victor Ponta on Sunday conceded defeat in a presidential runoff he had been widely expected to win.
Italian Prime Minister Matteo Renzi Is Under Increasing Pressure. Renzi's government has seen a marked drop in its approval rating as economic difficulties have grown but he remains by far the country's most popular leader, a poll on Sunday showed.
Reckitt Benckiser Is Spinning Off Its Pharma Business. According to the Financial Times, Reckitt Benckiser could announce that it's spinning off its pharmaceuticals business as early as this week.
A Draghi Speech Is Coming. It's a quiet day for European data, with only trade balance information out at 10 a.m. GMT. ECB president Mario Draghi is speaking at 2 p.m. GMT, and 15 minutes later US data on industrial production and capacity utilisation is out.