+

Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

Close
HomeQuizzoneWhatsappShare Flash Reads
 

10 things you need to know before European markets open

May 12, 2015, 11:31 IST

UK industrial production is coming. At 9:30 a.m. London time, UK industrial production figures are out - analysts are expecting flat growth month-on-month for March, equating to a 1% expansion year-on-year.

Advertisement

Greece says its cash crunch is coming within two weeks. Greek Finance Minister Yanis Varoufakis warned Monday that his debt-wracked country would face a cash crunch within two weeks, and was in an urgent need of the last tranche of rescue funds from its €240 billion ($268.30 billion, £172.24 billion) bailout.

Volkswagen is breaking up part of its business. Volkswagen Group will break up MAN and transfer its truck and bus businesses, as well as MAN Latin America, into VW's new Truck & Bus Holding GmbH, German daily Frankfurter Allgemeine Zeitung said.

Italian PM Matteo Renzi had a strong showing in some small elections in northern Italy. Center-left parties won local ballots in the small Italian regions of Val d'Aosta and Trentino-Alto Adige, results showed on Monday, offering encouragement to Prime Minister Matteo Renzi ahead of bigger regional elections at the end of the month.

Poland's President officially came second in the initial round of voting. Polish President Bronislaw Komorowski was pushed into a second place spot by a conservative challenger in Sunday's presidential election, and must now face him in a run-off on May 24, official results showed on Tuesday. The results put Komorowski on 33.77% of the vote, behind conservative Andrzej Duda on 34.76%.

Advertisement

Asian markets are mixed. Hong Kong's Hang Seng is down 0.33%, followed down by Japan's Nikkei, which is 0.18% lower. Shanghai stocks are still climbing though, up 0.89%.

El Nino is here. An El Nino has formed and models indicate a "substantial" weather event, the Australian Bureau of Meteorology (BOM) said on Tuesday. The El Nino, or a warming of sea-surface temperatures in the Pacific, causes heavy rains and floods in South America and scorching weather in Asia and even east Africa.

China is now the world's biggest oil importer. According to the Financial Times, Chinese trade data revealed that crude imports jumped 13% in April. Hitting a total of 3.029 million metric tons -- or about 222 million barrels. That now puts China's consumption ahead of the US.

A judge's ruling against Nomura could mean a massive fine for the bank. A US judge on Monday ruled that Nomura made false statements in selling mortgage-backed securities to Fannie Mae and Freddie Mac ahead of the 2008 financial crisis. US District Judge Denise Cote in Manhattan ruled for the Federal Housing Finance Agency, the conservator for Fannie Mae and Freddie Mac, in a ruling that could allow the U.S. regulator to recover around $450 million ($288.96 million, €402.70 million).

Goldman Sachs has been ordered to pay out $80 million (£51.37 million) Goldman Sachs has been ordered to pay $80 million, plus interest, to the National Australia Bank for breaches associated with the sale of mortgage-linked securities, according to a court filing. The May 7 decision, that came from an arbitration panel under the Financial Industry Regulatory Authority, granted NAB's request for compensation and also awarded interest at a 3 percent annual rate since December 2006.

Advertisement

NOW WATCH: Here's how Floyd Mayweather spends his millions

Please enable Javascript to watch this video
You are subscribed to notifications!
Looks like you've blocked notifications!
Next Article