10 things you need to know in markets today

French President Emmanuel Macron attends a meeting with Saudi Arabia's Crown Prince Mohammed bin Salman at the Elysee Palace in Paris

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French President Emmanuel Macron attends a meeting with Saudi Arabia’s Crown Prince Mohammed bin Salman at the Elysee Palace in Paris
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Thomson Reuters

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

1. French President Emmanuel Macron will dine with Saudi Crown Prince Mohammed bin Salman and Lebanese Prime Minister Saad al-Hariri. It’s a diplomatic move aimed at showing the young leader can play a mediator role in the region.

2. European Council President Donald Tusk confessed he gets furious about Brexit. He described Britain’s departure from the EU as very sad on Tuesday as he used a speech in Dublin to call for unity in Europe.

3. Britain is expected to secure a handful of unexplained wealth orders in the next few months as authorities step up their efforts to target “dirty money.” Prime Minister Theresa May promised to tackle the “corrupt elites” living in the United Kingdom.

4. Activist investor Carl Icahn will sell auto parts maker Federal-Mogul to Tenneco in a $5.4 billion deal. He’s unloading an investment he has held for nearly two decades and picking up a new stake in Tenneco.

5. Air France raised its pay offer to unions in a bid to end strikes that have already cost the airline €170 million. It doubled the 1% pay increase previously offered to unions.

6. Rusal’s dollar bonds slumped to record lows and a prominent board member resigned. It was the latest aftershock from the Russian aluminum giant’s inclusion last week on a new US sanctions list.

7. A French former Barclays trader, charged by British prosecutors over alleged Euribor interest rate manipulation, will be tried in London in absentia. Philippe Moryoussef, a former senior derivatives trader once based in Singapore, had no lawyer in court as a jury was picked this week.

8. McDonald’s plans to open 200 restaurants in the Nordic region over the next 10 years and begin home deliveries this year, as it strives to win back fast food customers. The moves are part of a turnaround drive led by Chief Executive Steve Easterbrook.

9. Financiers in Europe earning more than €1 million euros rose by a third in the six years to 2016 to 4,597.A European Banking Authority study showed how pay has rebounded in banking, whose spectacular crash ten years ago triggered state bailouts and has depressed profitability since.

10. Swiss jeweler and watch brand De Grisogono plans to cut 41 jobs after sales of its high-end jewelery pieces fell short of expectations.The brand said it had to reduce production capacity to reflect the “challenging conditions in some key markets.”