10 things you need to know before European markets open

Good morning! Here's the potentially market-moving news you should know about this morning.

Greece's interior minister says the country won't make a June 5 IMF payment. Prime Minister Alexis Tsipras also narrowly defeated an attempt within his own party to take a much more hardline stance against its creditors. Negotiations with Greece's bailout institutions need to see progress on pensions and labour market issues particularly.

The UK's "fair and effective markets review" will push for a tougher stance on market manipulation. According to the Financial Times, the review to be released on June 10 will argue in favour of banning manipulation in forex and other sectors, taking the model used for equity markets. It will also suggest tougher sentences for financial crimes.

Samsung is merging two major units. The all stock deal, approved by the boards of both companies would see Samsung's de facto holding company Cheil Industries -- which has interests from fashion to theme parks -- acquire general trade and construction affiliate Samsung C&T.

Beijing wants to find $318 billion (£205 billion) in private partnership projects. China's state planning agency on Monday released a list of more than 1,000 proposed projects totalling 1.97 trillion yuan ($317.75 billion, £205.6 billion) that it is inviting private investors to help fund, build and operate.

Spain's centre-right governing party took a battering in local elections. While the PP got more votes than any other party in the municipal polls as well as in nine of the 13 regions that voted this weekend, it suffered its worst electoral result in more than two decades. That's not a good sign for the December general election.

It looks like Nigeria's fuel crisis is ending. Nigerian fuel marketers agreed to resume distribution on Monday after weeks of disruption led to chronic fuel shortages, bringing phone companies, banks and airlines to a standstill days before the inauguration of the country's new president.

Poland got a new President over the long weekend. Conservative opposition challenger Andrzej Duda on Sunday won Poland's presidential run-off, trumping incumbent centrist Bronislaw Komorowski on promises of generous social spending.

Fed Vice Chairman Stanley Fischer thinks too much focus is on when the US will hike rates. Fischer said it was "misleading" to give so much importance to the Fed's first interest rate hike since the process of returning to a more normal level will take a few years. Fischer, speaking in Israel, said that while markets largely expect the first rate hike in September, it will be determined by data and not by date.

US and European fighter jets conducted an exercise by the Russian border. About 100 fighter jets from the United States and eight European nations began an Arctic training exercise in the Nordic nations on Monday, a region worried by increased Russian military activity.

Asian markets are up. Japan's Nikkei is 0.20% higher, while the Shanghai Composite Index is up by 0.79% and Hong Kong's Hang Seng has rose 1.17% so far on Tuesday.