10 things you need to know in markets today

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Reuters/Yves Herman

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

1. European Union leaders will lay down the first markers on Friday on the size and aims of the bloc’s next long-term budget, as a large hole in its finances begins to take shape with next year’s departure of one of its main net contributors.All EU states except Britain are to say in a summit debate whether they agree to increase the 2021-2027 budget to pay for new common policies on security, defense and migration, at a time when Brexit will slash revenues to the common pot by 10-12 billion euros ($12.3-14.8 billion) a year.

2. Bonuses for female investment bankers at Barclays are 78.7% smaller on average compared to those paid to male bankers, the lender said in a filing on Thursday. In total, pay packets for women are around half that of men at the bank’s international division, which houses the investment bank at Barclays. Barclays is the first major UK bank to make a gender pay gap disclosure under new rules that require any organisation with 250 or more employees to publish the data.

3. The US will implement new sanctions on North Korea on Friday. New reports this week indicate existing sanctions are working on surprising industries like media and air travel.

4. Labour wants the UK to strike a deal with the European Union that is “pretty much like the current customs union,” shadow foreign secretary Emily Thornberry has said.Speaking to LBC Radio on Thursday, the Islington South and Finsbury MP shed significant light on what kind of relationship Labour wants Britain to have with the EU after Brexit – setting the opposition party up for a showdown with the Conservatives over the issue.

5. China has seized control of Anbang Insurance. The group owns the Waldorf Astoria and was reportedly in previous talks with Jared Kushner, the son-in-law and senior adviser to US President Donald Trump, to invest in one of his properties.

6. Asian shares rebounded on Friday as comments from a Federal Reserve official eased worries that the central bank might raise rates more aggressively this year, while the safe-haven yen held on to its gains amid heightened volatility across markets. MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 0.4 percent, but was still on track to end the week barely changed.

7. Snap gave CEO Evan Spiegel a gargantuan stock award last year. Snap on Thursday published its annual report, which detailed the compensation it paid executives last year. The report also revealed the value of the massive stock grant Snap gave CEO Evan Spiegel at the time of its IPO; it was worth $637 million.

8. U.S. businesses and diplomats are pressing India to cut tariffs, industry and government sources say, after New Delhi’s move to increase customs duties on dozens of products to help its flagship Make-in-India drive aggravated differences over trade.Ford, which has two plants in India, has sought a reversal of the new tariffs on auto components, while Apple Inc is concerned its iPhones have become even more expensive in the price-conscious $10 billion smartphone market.

9. HP reported a more than three-fold rise in first-quarter profit on Thursday as the company, formed out of the 2015 split of Hewlett-Packard Co, benefited from changes in the U.S. tax law and sold more personal computers and printers.Net earnings rose to $1.94 billion, or $ 1.16 per share, in the quarter ended Jan. 31, from $611 million, or 36 cents per share, a year earlier.

10. The founder of a defunct cryptocurrency exchange has been arrested for allegedly lying to financial watchdogs to cover up a heist of 6,000 bitcoin. Federal prosecutors in New York charged Jon Montroll, the 37-year-old founder of BitFunder, on Wednesday with obstruction of justice and two counts of perjury.