Asian stock markets closed mostly higher and European shares rallied following news of mergers in the pharmaceutical sector.
Here are five things that matter for markets now:
- U.K. pharmaceutical company Shire will buy US biotech firm NPS Pharmaceuticals (NPSP) for $5.2bn (£3.4bn). Shire is paying $46 a share in cash for NPS, which specialises in drugs for gastrointestinal disorders.
- Roche Holding (RHHBY) will acquire a majority stake in molecular and genomic analysis firm Foundation Medicine (FMI) for over $1.1 billion. The Swiss company will tender for about 15.6 million Foundation shares at $50 a share, worth up to about $780 million, at a premium of 109% to their Friday closing price and will invest a further $250 million in Foundation by acquiring 5 million newly issued shares at $50 per share.
- Big banks like Citigroup (C) and Goldman Sachs (GS) are dusting off contingency plans from two years ago as talk about Greece leaving the eurozone picks up again, the Wall Street Journal reports.
- The European Central Bank (ECB) has given the biggest banks in the eurozone until the end of this week to appeal against more stringent capital ratios it requires of them, the FT reports.
- Oil prices extended their fall on Monday, with the commodity trading below $49 a barrel. Goldman Sachs analysts have slashed their three-month forecasts for Brent to $42 a barrel from $80 a barrel and for U.S. West Texas Intermediate contract to $41 a barrel from $70 a barrel.