10 things you need to know in markets, November 12

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

FILE
PHOTO: SoftBank Chairman and CEO Masayoshi Son
Thomson Reuters

1.
Crude oil futures rallied almost 2% after Saudi Arabia’s energy
minister said on Sunday that the country plans to reduce its oil
supply to world markets by 500,000 barrels per day
in December, representing a global reduction of about 0.5
percent. 

2.
It’s one of the biggest IPOs ever: SoftBank’s domestic telecoms
unit on Monday received approval to list on the Tokyo Stock
Exchange in an initial public offering worth 2.4 trillion yen
($21.04 billion), a regulatory filing showed.

3.
Germany’s SAP said on Sunday it was buying Qualtrics
International Inc for $8 billion in cash,
pre-empting a planned stock market listing by the US-based
company that specializes in surveying consumers online.

4.
European companies are delivering their most disappointing
earnings in nearly three years as a sluggish economy and rising
costs take their toll on bottom lines, dealing
another blow to investor confidence shaken by Italy’s budget
crisis and Brexit. The benchmark STOXX 600 is on track for its
worst year since 2011. Analysts have slashed their earnings
estimates at their fastest pace since July 2016.

5.British foreign minister Jeremy Hunt will visit Saudi
Arabia and the United Arab Emirates on Monday to press for an end
to the war in Yemen and to call on Saudi leaders to
cooperate with an investigation into the murder of journalist
Jamal Khashoggi.

6. Alibaba
just broke pretty much every 24 hour shopping record
imaginable. The Chinese e-commerce giant made
history, generating $30.8 billion in sales over the last 24
hours.

7.
UK Prime Minister Theresa May says Britain says Britain is open
to a “different relationship” with Russia. May said
the relationship could change if Moscow changes its ways and
stops “attacks” that undermine international treaties and
security.

8.
China says will open up its economy even more.
Chinese Premier Li Keqiang called for an “open world economy.”

9. French
President Emmanuel Macron told world leaders in Paris that
nationalism is a betrayal of moral
values. Macron said that “old demons are
reawakening” and warned against ignoring past lessons.

10.
Twitter is struggling to curb fake Elon Musk accounts promoting
cryptocurrency scams. Twitter has attempted to
curb these scams by blocking users from changing their display
names to “Elon Musk,” but the scammers have found their way
around Twitter’s efforts.