10 things you need to know before European markets open
The EU is about to throw the book at Google. The European Union is going to file antitrust charges against Google in the next few weeks, according to a new report in the Wall Street Journal. The EU has been investigating Google for several years, but now the region's top antitrust authority, the European Commission, has been asking companies who filed confidential complaints against Google for permission to publish those complaints.
The European Central Bank expanded its emergency assistance to Greek banks. The ECB further increased the maximum Emergency Liquidity Assistance that Greek banks can obtain by €700 million, a banking source said. The latest move on Wednesday lifts the total ceiling to €71.8 billion ($77.3 billion).
McDonalds is raising the minimum wage by 10% for some US workers. The Big Mac chain will also add benefits like paid vacation for workers, the company said Wednesday. Beginning July 1, starting wages at McDonald's 1,500 company-owned restaurants in the US will be raised to $1 more than the locally mandated minimum wage, the latest sign of wage pressure in the US economy.
GoDaddy shares surged after their US listing. GoDaddy shares had a huge first day on the public market. Shares of the web hosting company opened for trade at $26.15, up 30.75% from its IPO price of $20. Shares closed right at this opening price on Wednesday, giving the stock a nearly 31% in its first day of trading.
Pakistan is close to buying 8 Chinese submarines. Pakistan is close to signing a $4 to $5 billion deal to buy eight submarines from China, the Financial Times said on Thursday, in what it added would likely be China's largest overseas arms sale.
Greece updated its "reform list" to access bailout cash from international lenders. Though the creditors have been looking for a more detailed proposal from Greece before the country can unlock its bailout money, Eurozone officials told the Wall Street Journal that the list was "very long way from being a basis [for a deal]."
Ukraine agreed a three month deal to buy Russian gas. Ukraine has signed a new agreement to buy Russian gas over the next three months at $248 per thousand cubic meters, the Ukrainian energy ministry said in a statement on Thursday. Apart from the price, the agreement extended all the other terms of the 'winter package' which has just lapsed between Ukraine's state gas concern Naftogaz and Russia's gas giant Gazprom.
Asian markets are up. Japan's Nikkei led the way, climbing 1.98% to the close, while Hong Kong's Hang Seng is currently up 0.58% and the Shanghai Composite Index is up 0.30%.
Brazil's scandal-hit Petrobras saw shares climb after a deal with a Chinese bank. Share prices for Brazilian state-owned oil giant Petrobras soared after it announced it had signed an agreement to obtain $3.5 billion in funding from the China Development Bank (CDB).
Nigeria's election winner pledged to rid the country of Boko Haram and corruption. President-elect Muhammadu Buhari vowed to rid Nigeria of the "terror" of Boko Haram after his historic election victory marking the first democratic transfer of power in Africa's most populous nation.