10 things you need to know in markets today

New Fiat Chrysler boss Mike Manley.

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New Fiat Chrysler boss Mike Manley.
source
Thomson Reuters

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

1. Finance ministers and central bankers from the world’s largest economies said on Sunday that heightened trade and geopolitical tensions risk derailing global growth and called for greater dialogue, according to the final communique of a G20 meeting.The weekend talks in Buenos Aires come amid an escalation in rhetoric in the trade conflict between the United States and China, the world’s largest economies, which have so far slapped tariffs on $34 billion worth of each other’s goods.

2. Amazon made a bleak prediction about Brexit in a behind-closed-doors meeting with the UK government last Friday, according to The Times.Douglas Gurr, Amazon’s UK country manager, told a meeting of business leaders that if Britain crashes out of the European Union without a trade deal, it will spark “civil unrest” within two weeks.

3. The dollar declined on Monday against major currencies to its lowest in more than two weeks after U.S. President Donald Trump criticized the Federal Reserve’s tightening policy, while stocks slipped on fears of further trade protectionist measures.Trump, on Friday, lamented the recent strength of the U.S. dollar and accused the European Union and China of manipulating their currencies.

4. French President Emmanuel Macron reportedly referenced President Donald Trump’s book “The Art of the Deal” while talking to Trump about the escalating trade dispute between the EU and the US.The exchange took place on the sidelines of the NATO summit in Brussels earlier this month. During a bilateral meeting, Trump and Macron began discussing the intensifying trade dispute between Europe and the US, sources familiar with the conversation told Axios.

5. Automotive giant Fiat Chrysler has a new CEO.Mike Manley was named on Saturday to succeed longtime Chief Executive Sergio Marchionne, one of the auto industry’s most tenacious and respected auto chiefs, who fell seriously ill after suffering complications following surgery.

6. Mexican President-elect Andres Manuel Lopez Obrador sent U.S. President Donald Trump a letter calling for a swift conclusion to NAFTA negotiations and pledging his wish to reset relations between the two countries, Mexican officials said on Sunday.The letter was delivered during a recent meeting in Mexico with senior U.S. officials, and details were disclosed once Trump had received it, said Lopez Obrador.

7. Tech industry CEOs are bullish on the future of their companies, the sector, and artificial intelligence. But they’re worried about the spread of nationalism, cybersecurity – and millennials. Those are some of the key takeaways from a new report by KPMG.

8. China’s Commerce Ministry said on Monday it has launched an anti-dumping probe into imports of stainless steel billet and hot-rolled stainless steel sheet and plate from the European Union, Japan, South Korea and Indonesia.The move follows a complaint by Shanxi Taigang Stainless Steel , it said.

9. Oil prices were mixed on Monday as finance ministers and central bank governors from the G20 warned that risks to global growth have increased with rising trade and geopolitical tensions among other vulnerabilities. G20 finance ministers and central bank governors ended a meeting in Buenos Aires over the weekend calling for more dialogue to prevent trade and geopolitical tensions from hurting growth.

10. French IT services company Atos agreed to acquire Syntel in an all-cash transaction for about $3.57 billion, including net debt, the companies said on Sunday.Atos will pay $41 per share, which represents a premium of 4.78 percent to Syntel’s closing price of $39.13 on Friday.