REUTERS/KyodoRe-elected Japanese prime minister Shinzo Abe greets supporters.Good morning! Here are the major stories you need to know about in markets today.
Japanese Prime Minister Shinzo Abe Won Overwhelmingly In Sunday's Election. Abe's party, the LDP, and its smaller coalition partner, Komeito, won 325 seats out of the 475 on offer. That's exactly the same proportion it won in 2012, and will likely be taken as an endorsement of Abe's economic policies, despite record low turnout.
Oil Bounced Back A Little. After a colossal sell-off last week, oil prices are making a small recovery at the moment. Brent crude is back to nearly $63 per barrel, up nearly 2% on Sunday, when it dropped below $61. WTI is back above $58.50, up by about 1%, after falling just below $57.
But Early Signs Of A Slowdown In US Oil Fields Are Emerging. After leading the US economic recovery out of recession, some of the nation's top oil states are showing early signs of a slowdown as a result of the plunge in crude prices. In Houston, Texas, the first oil industry layoffs have been announced, with realtors there predicting a sharp decline, up to 12 percent, in home sales next year.
US Industrial Production Is Coming. US figures for industrial production in November are out at 2.15 p.m. GMT, following an incredibly quiet day in Europe. Analysts are expecting a 0.7% boost from October.
Asian Markets Are Mixed. The Nikkei closed down 1.57% after Abe's election victory, Hong Kong's Hang Seng is currently down 1.02%, but China's Shanghai Composite index has broken higher, up 0.22%.
Hostages Are Being Held In A Sydney Cafe. Many hostages are trapped inside a central Sydney cafe, with local television showing some being forced to hold up a black flag with white Arabic writing in the window, raising fears of an attack linked to Islamic militants.
Italian Prime Minister Matteo Renzi Is Asking For His Own Party's Backing For Reforms. Renzi has staked much of his political credibility on a swathe of reforms to tackle Italy's record-high unemployment, snail-paced justice system and unwieldy institutions, but faces opposition from within his own Democratic Party (PD).
PetSmart Just Got Bought For $8.7 Billion (£5.53 billion). Pet supply retailer PetSmart said on Sunday it had agreed to sell itself to a private equity consortium led by BC Partners for $8.7 billion, in the largest leveraged buyout of the year.
Volvo Is Switching Away From Traditional Car Sales. Volvo says it will start selling vehicles online as it rolls out new models to compete with German luxury rivals such as BMW . The Swedish carmaker, controlled by China's Geely, will gradually introduce web sales and spend more on digital advertising, it said as it outlined changes to its global marketing strategy on Monday.
China's Most Popular Smartphone Vendor Just Released Profit Figures For The First Time. China's Xiaomi Technology made a profit of 347.48 million yuan ($56.15 million) on 26.58 billion yuan ($4.30 billion) in revenue in 2013, Chinese securities filings dated Monday show.