10 things you need to know in markets today

Britain's Prime Minister Theresa May leaves 10 Downing Street in London

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Britain’s Prime Minister Theresa May leaves 10 Downing Street in London
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Thomson Reuters

Good morning! Here’s what you need to know in markets on Monday.

1. 40 British members of parliament from Prime Minister Theresa May’s Conservative Party have agreed to sign a letter of no-confidence in her, the Sunday Times newspaper reported. That is eight short of the number needed to trigger a party leadership contest, the mechanism through which May could be forced from office and replaced by another Conservative.

2. May is set to meet with major UK and European business leaders later on Monday, with those leaders expectedto express worries about the future of UK-EU trade.“Experts from groups including the CBI and BusinessEurope will stress the need for a transitional deal that preserves the status quo after Brexit,” according to a report from the BBC.

3. US President Donald Trump suggested easing sanctions on Russia. Trump chatted with Russian President Vladimir Putin on Saturday at the APEC summit in Vietnam, and the two countries have agreed to continue joint efforts to stabilize Syria.

4. Trump also said on Monday he had made significant progress on trade issues during a fruitful trip across Asia that saw governments roll out red carpets “like nobody has ever seen.” “We’ve made some very big steps with respect to trade, far bigger than anything you know,” Trump told reporters in Manila on the sidelines of a summit with leaders of Southeast Asian and East Asian nations.

5. Venezuela opens talks with creditors on Monday to renegotiate a crippling debt, as the OPEC nation seeks to avert a default that would plunge its economy into deeper uncertainty. President Nicolas Maduro’s government has summoned investors who hold some $60 billion in junk bonds to Caracas in a desperate bid to shore up public finances that have been squeezed by the unraveling of the socialist economy.

6. Japan’s Nikkei dropped to a near two-week low on Monday as many sectors, including real estate and brokerage firms, languished after recent rallies, offsetting gains in companies with strong results such as Nissin Foods. The Nikkei ended 1.3% lower to 22,380.99, the lowest closing level since Oct. 31 and its fourth straight daily decline.

7. Amazon is “really close” to opening in Australia, its country manager said on Monday, as the U.S. e-commerce juggernaut prepares to shake up an already-fragile brick-and-mortar retail sector in the world’s No. 12 economy. While Amazon did not give an exact start date, the remarks from Rocco Braeuniger suggest the company will ship goods from its first Australian warehouse in time for the end-of-year holiday season, a moment seen by analysts as a tipping point for Australia’s staid retailers.

8. Wall Street bonuses may climb as much as 10% this year, in the first meaningful jump for the industry since 2013, according to a closely watched report. Bankers who advise companies on issuing stock or bonds could see an even bigger pay jump, as much as 20% compensation firm Johnson Associates said on Sunday.

9.Bitcoin cash reached an all-time high of $2,500 a coin early Sunday morning, surpassing Ethereum as the second largest cryptocurrency on the market. Bitcoin cash, which notably split from the original bitcoin in August, was gaining on its sister coin up until around 2 a.m. ET. It later shed about $1,000 and by 11:35 a.m ET was only trading up 14.7% at $1,525, slipping back below Ethereum’s market cap.

10. Mega-deal M&A transactions worth over $10 billion are surging back after a largely dormant first half off the year. Wall Street bankers say an improving global economy and confidence in the regulatory environment are playing a role.