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10 things you need to know in markets today
Here's what you need to know.
1. Christian Sewing is to become the new CEO of Germany's biggest lender, replacing John Cryan. Cryan has been in office less than three years but some investors have lost faith that he can return the bank to profitability after three consecutive years of losses.
2. Saudi Arabian Crown Prince Mohammed bin Salman arrived in Paris on Sunday at the start of a European tour that also includes Spain.Prince Mohammed, Saudi defense minister and one of the kingdom's most powerful policymakers, is due to meet President Emmanuel Macron on Tuesday.
3. A Dubai-based cryptocurrency company called Alibabacoin Foundation has denied infringing the trademark of the giant Chinese online retailer Alibaba Group.A judge at the US District Court in Manhattan imposed a temporary restraining order on Alibabacoin Foundation after Alibaba filed a complaint accusing it of making "prominent, repeated, and intentionally misleading" use of its trademarks.
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4. The 5-Star Movement will propose an economic plan which will keep the budget deficit near the level forecast for this year by the outgoing center-left government. During its campaign, the 5-Star pledged to raise the budget deficit in order to fund welfare spending and tax cuts, but has toned down its comments since the vote.
5. President Donald Trump predicted that China would take down its trade barriers, expressing optimism despite escalating trade tensions. The two countries have threatened each other with tens of billions worth of tariffs in recent days and Chinese officials have said this is not the time for negotiations.
6. A Dubai start-up company, OneGram, is issuing a gold-backed cryptocurrency as part of efforts to convince Muslims that investing in cryptocurrencies complies with their faith. Sharia principles, in addition to banning interest payments, emphasize real economic activity based on physical assets and frown on pure monetary speculation.
7. Saudi Arabia's stock exchange expects an influx of foreign funds to smooth the listing of national oil firm Saudi Aramco, the exchange's chief executive said on Sunday."Foreign investors are putting in more money. Every day we have improved liquidity capacity," Khalid al-Hussan said in an interview.
8. Norway's $1 trillion sovereign wealth fund should be allowed to invest in unlisted renewable projects such as solar parks and wind farms, the ruling Conservative party voted.The world's largest sovereign wealth fund, which invests Norway's oil and gas revenues in stocks, bonds and real estate, has for many years sought permission to invest in unlisted infrastructure assets.
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9. Millions of French commuters and holidaymakers faced another wave of crippling transport stoppages on Sunday. Rail workers protested at President Emmanuel Macron's economic reform plans and some unions warned they could step up strike action.
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