10 things you must know before European markets open

10 things you need to know before European markets open

  • Published: 3 minutes ago
Here’s what you need to know.

People watch the Macy's Fourth of July Fireworks from Brooklyn Bridge Park on July 4, 2016 in the Brooklyn borough of New York City. The celebrations mark the nation's 240th Independence Day.

watch the Macy’s Fourth of July Fireworks from Brooklyn Bridge Park on
July 4, 2016 in the Brooklyn borough of New York City. The celebrations
mark the nation’s 240th Independence Day.
(Stephanie Keith/Getty Images)

Good morning! Here’s what you need to know.

1. The
British government sought to reassure drug companies and biotech firms
by calling for continued co-operation with the European Union over drug
regulation after Brexit.
Jeremy Hunt, the health minister,
and Greg Clark, the business minister, wrote a letter to the Financial
Times outlining how Britain and the EU can work together.

2. French
President Emmanuel Macron said the European Union has “lost its way”,
calling for a “new generation of leaders” to revive the bloc.

“The building of Europe has been weakened by the spread of bureaucracy
and by the growing scepticism that comes from that,” Macron said in an
address to both houses of parliament.

3. Swiss
bank UBS is further reorganizing its wealth management businesses in
European and emerging markets to simplify its structure.
part of the restructure, UBS Europe SE, its Frankfurt-based bank, will
now house all its European onshore wealth management businesses.

4. Two
high-level quantitative researchers have left BlackRock as the world’s
largest asset manager embarks on an ambitious effort to engineer a
high-tech revolution within its stockpicking business.

Michael Lemmon, a former University of Utah finance professor and a
senior researcher within BlackRock’s quantitative Scientific Active
Equity unit, left for Citadel.

5. Factories
across the euro zone rounded off the first half of 2017 by ramping up
activity at the fastest rate for over six years as rising prices failed
to put a dent in orders, a survey showed on Monday.
Markit’s Manufacturing Purchasing Managers’ Index for the euro zone rose
to 57.4 in June, up from May’s 57.0 and pipping the preliminary reading
of 57.3.

6. French
energy giant Total is set to defy US pressure, signing a
multi-billion-dollar gas deal with Iran, the first by a European firm in
more than a decade.
Total is to invest an initial $1
billion in the South Pars offshore gas field as part of a consortium
with Chinese and Iranian firms.

7. A
project to build a nuclear plant at Hinkley Point in Britain will
overrun by £1.5 billion ($1.95 billion) and may face further delays.

EDF, the state-run French company that has the lion’s share of the
controversial scheme, made the announcement after a long review.

8. Qatar
handed its official response to a list of demands by Saudi Arabia and
its allies to the emir of Kuwait, a Gulf official told AFP.
response was delivered by Qatari Foreign Minister Sheikh Mohammed bin
Abdulrahman Al-Thani who made a short visit to Kuwait, which is acting
as a mediator to resolve the diplomatic rift, the Gulf official said,
requesting anonymity.

9. Chancellor Angela Merkel’s conservatives promised Germany more police, more homes and full employment within eight years.
With Europe’s biggest economy growing robustly, Merkel’s Christian
Democrats (CDU) and their Bavarian sister party, the Christian Social
Union (CSU), have made assurances that they will not raise taxes and
will invest more.

10. Four
former top Barclays executives appeared in court in London on Monday to
face charges that they conspired to commit fraud during the bank’s
emergency fundraising in 2008.
Former Chief Executive John
Varley along with Roger Jenkins, Tom Kalaris and Richard Boath were
charged by Britain’s Serious Fraud Office last month in the first
criminal prosecution for senior bankers’ actions during the financial

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Written by Ike Ani

Ike Ani is a Freelance writer whose quest constantly is to relate happenings around the world to human daily living. He's also a song writer and singer, Acoustic Guitarist, and Teacher.


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