10 things you need to know before European markets open
Mark Carney, the governor of the Bank of England, has extended his stay until June 2019. Carney had initially committed to a five-year term at the Old Lady of Threadneedle Street ending in the summer of 2018, but following Britain's decision to leave the European Union, Carney has extended his term a further year, allowing him to remain governor until the point when the UK should formally have left the EU.
The Bank of Japan will not reach its 2% inflation goal before the end of governor Kuroda's term, it said on Tuesday. In new economic forecasts, the BoJ said it now expected to hit its inflation target some time after April 2018, when Kuroda's five years at the top expires, the Financial Times reports.
RBA Holds. The Reserve Bank of Australia (RBA) left interest rates unchanged at 1.5% at its November monetary policy meeting, a decision that was widely expected by financial markets and the vast majority of economists.
ECB executive board member Benoît Coeuréand Bank of Mexico Governor Agustin Carstens are the favourites to become the new head of the Bank for International Settlements, often called the "central banks' central bank." Current BIS General Manager Jaime Caruana is expected to step down in June 2017, the Wall Street Journal reports.
China's official manufacturing and non-manufacturing purchasing managers indices (PMI) for October both beat expectations. The manufacturing PMI came in at 51.2, an increase of 0.8 points on September's 50.4 level. It easily accounted for the median economist forecast, which was looking for an unchanged reading. It marked the fastest expansion in activity levels since July 2014.
Oil prices edged higher from one-month lows in early trading in Asia on Tuesday after OPEC agreed on a long-term strategy that was seen as an indication the cartel was reaching a consensus on managing production. But the gains were limited as the market was weighed down by further indications of record output from the group, a sign the glut that has kept a lid on prices is not draining away as fast as the oil bulls would like.
Japanese electronics firm Sharp forecast its first annual operating profit in three years on Tuesday after its new owner, Taiwan's Foxconn, cut jobs and sold off loss-making television factories in the North America to trim costs. The company said it expects an operating profit of 25.7 billion yen ($245 million) for the year to end-March, recovering from a 162 billion yen loss the previous year.
Carnegie Investment Bank, which manages $17.2 billion for clients, sold all of their clients' U.K. holdings as opinion polls narrowed ahead of the June vote to exit from the European Union."We had equities and corporate bonds in Britain before the vote," chief strategist Henrik Drusebjerg said in a telephone interview with Bloomberg on Monday. "We started selling off our U.K. holdings to absolute zero maybe a month before the vote."
Former Valeant Pharmaceuticals CEO Michael Pearson is under a criminal investigation in connection to alleged fraud at the company he helmed. The investigation is being helmed by US prosecutors in Manhattan and also includes former Valeant CFO Robert Schiller, according to a report from Bloomberg.
WPP will spend at least $5 billion (£4.1 billion) of its clients money on Google ads this year. The advertising agency holding company's CEO Sir Martin Sorrell made the announcement during its third-quarter earnings call on Monday. That figure is up from $4 billion (£3.2 billion) WPP spent on behalf of its client across Google's properties in 2015.