Here is what you need to know.
GM is selling Opel. General Motors has agreed to sell its European division to Peugeot for $2.3 billion. “For GM, this represents another major step in the ongoing work that is driving our improved performance and accelerating our momentum,” GM CEO Mary Barra said in a statement.
Deutsche Bank is raising cash. Shares of the German investment bank are down more than 6% after the company announced it would tap the markets for €8 billion ($8.5 billion) and overhaul its structure as part of a strategy reset. “The new three-pillar structure of our operating business should position us for significant growth, both in revenues and earnings,” CEO John Cryan said in a release.
Standard Life and Aberdeen Asset Management are merging. The deal to combine to the two investment firms values the combined entity at about $13.4 billion.
Wells Fargo execs might face criminal charges. The US Department of Justice is investigating whether or not Wells Fargo executives hid details of its recent scandal from the company’s board and regulators, Reuters reports.
Snap Interactive isn’t planning to change its name. Shares of Snap Interactive, which trades under the ticker STVI,soared 164% in the four days after Snapchat (SNAP) filed its IPO as some investors may have confused the two companies. Snap Interactive Chairman Jason Katz told Business Insider the company has no plans to change its name because “We’re the ones who have had the name for 10 years.”
Saudi Aramco is worth a lot of money. A survey conducted by regional investment bank EFG Hermes released on Monday showed fund managers and investors believe Saudi Arabia’s oil behemoth could be worth between $1 trillion and $1.5 trillion, Reuters reports. However, that’s less than the $2 trillion or more that Deputy Crown Prince Mohammed bin Salman expects.
Greece’s economy suffers a setback.Greece’s economy shrank 1.2% in the fourth quarter of 2016, according to the latest data from the country’s statistical service Elstat. That was worse than the previous estimate of a 0.4% contraction.
Stock markets around the world are mostly lower. Japan’s Nikkei (-0.5%) trailed in Asia and Germany’s DAX (-0.4%) lags in Europe. The S&P 500 is set to open down 0.3% near 2,376.
Earnings reporting slows down. Casey’s and Thor Industries are among the names reporting after markets close.
US economic data flows. Factory orders and durable goods orders will both be released at 10 a.m. ET. The US 10-year yield is down 1 basis point at 2.47%.
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