Here is what you need to know.
1. McDonald’s is set to lose $3.4 billion in value after the CEO was fired over a relationship with a subordinate. Chris Kempczinski, who was previously serving as president, takes over from ousted CEO Steve Easterbrook effective immediately.
2. Global stocks are soaring on comments from US Commerce Secretary Wilbur Ross, signalling a swift resolution to the US-China trade war. Carmaker stocks jumped on his comments that the US might do away with auto tariffs.
3. The Saudi Aramco IPO may miss its $2 trillion valuation target by more than $700 billion. Bank of America’s estimated IPO price, sent to investors on Sunday, came in at as low as $1.22 trillion, Bloomberg reported.
4. Under Armour cut its annual revenue forecast. The forecast comes a day after the company said it was being probed by the federal investigators on its accounting practices and was cooperating with them.
5. Evan Spiegel doesn’t regret the Snapchat redesign that tanked Snap’s stock and pushed Kylie Jenner to quit. Spiegel said Snapchat’s 2018 redesign resulted in higher engagement with professionally made premium content.
6. China says no ‘promise fatigue’ on opening its economy. There is no “promise fatigue” about China’s efforts to open its economy to foreign businesses, the government said on Monday on the eve of week-long import fair, after the European Union said China needed to make rapid and substantial improvements.
7. The European Central Bank denied on Monday a report in the Financial Times that it is putting pressure on Deutsche Bank’s Christian Sewing to give up his dual role as chief executive and investment bank head. The paper had written that the ECB was concerned that Sewing’s twin responsibilities could undermine the group’s radical restructuring and posed a potential conflict of interest.
8. Stocks are climbing on Monday. US futures underlying the S&P 500 (+0.5%) and the Nasdaq (+0.6%) are rising. In Europe, stocks are rallying with the DAX (+1.1%) and the Euro Stoxx 50 (+0.9%) up. Asian stocks closed mixed, with the Nikkei (-0.3%) dropping but the Shanghai Composite (+0.6%) and the Hang Seng (+1.7%) rising.
9. There are some interesting earnings out later. Ferrari is the highlight, as is Uber.
10. There is some important data out later. Market watchers will be keeping an eye on factory orders.