10 things you need to know before the opening bell
Here is what you need to know.
1. State-owned oil giant Saudi Aramco is worth up to $1.7 trillion in a new IPO range, setting the stage for the world's largest public listing. The statement published on Sunday to Aramco's website marks a milestone in the company's closely watched path to the public market.
2. China aims to reduce its dependence on America by 'decoupling' from the dollar, ANZ bank says. Economists at ANZ said that "the pace of diversification into other currencies will likely quicken going forward," as the trade war rages on.
3. Trump reportedly shelved a ban on flavored e-cigarettes to avoid angering voters. The president reportedly stalled policies to combat teenage vaping after learning they could hurt his election chances.
4. TikTok hit 1.5 billion downloads, and is still outperforming Instagram. TikTok is posing a growing threat to Facebook and Instagram, which have both tried to clone its success.
5. HP rejects Xerox's $33.5 billion offer to buy the company. Xerox made a cash-and-stock offer for HP earlier in November, the company said on Sunday, citing a letter received from Xerox on November 5.
6. Deutsche Bank says robots are already replacing workers as it ramps up a plan to axe 18,000 jobs. The use of AI "massively increased productivity" while robots performed "680,000 hours of manual work," a Deutsche Bank executive told Financial News.
7. UBS Chief Ermotti wants to stay until 2021. Sergio Ermotti wants to remain as chief executive of Switzerland's biggest bank until 2021, Swiss website Finews reported on Monday, citing unnamed sources.
8. Stocks are rising on Monday. US futures underlying the Dow (+0.3%), S&P 500 (+0.2%) and the Nasdaq (+0.3%) are climbing. European stocks are dropping marginally, the DAX (-0.1%) and the Euro Stoxx 50 (-0.1%) are down. Asian stocks are up, with the Nikkei (+0.5%), Shanghai (+0.6%) and Hang Seng (+1.3%) rallying.
9. No major companies are reporting earnings today.
10. There isn't lots of data on the slate today but there are some important speeches. John C. Williams of the New York Fed will be speaking as will Loretta J. Mester, CEO of the Cleveland Fed.