Asian stocks rallied on Monday, taking their cue from Wall Street, and this in turn pushed oil prices higher. European shares opened in the green at the start of a holiday-shortened week.
Here are five things that matter for markets now:
- Saudi Arabia will not cut oil production to prop up the price even if non-OPEC member states do, Saudi Arabia's oil minister Ali al-Naimi said. He blamed the fall in oil prices on speculators, showing the determination of Saudi Arabia to ride out the current weakness in oil prices. Meanwhile, Brent crude prices rose 2% in early Monday trading.
- American Apparel (APP) announced a new, one-year stockholder rights plan that would entitle holders to purchase, for $3.25 each, a number of shares of the company's common stock or substantially equivalent securities having a market value of twice such price.
- China's stock market regulator has started an investigation into possible manipulation of stock prices, the Wall Street Journal reports citing sources. The regulator is focusing its investigation on a practice that involves groups of investors pumping up prices of certain targeted stocks, a practice that is illegal in China but which, sources say, has been making a comeback recently. On Monday, Chinese stocks hit their highest level in three years.
- Senior bankers in London expect bonuses to be 21% higher this year to an average of £124,620 from last year, a survey published by the FT shows. Confidence is also higher, with 40% of bankers in the City expecting a bonus this year compared with 34% last year.
- Greek Prime Minister Antonis Samaras has been trying to gather support for his candidate to the presidential elections, Stavros Dimas, for Tuesday's second round of voting in parliament. Meanwhile, details emerged of an alleged attempt to bribe a rightwing opposition member to break ranks and vote for Dimas.