US MARKETS:

-S&P 500 futures little changed at 2,831.25
-Brent futures down 0.4% to $66.90/bbl
-Gold spot up 0.2% to $1,304.47
-US Dollar Index down 0.1% to 96.47


GLOBAL NEWS:

Earnings season. The pace of 2018 results announcements is slowing this week. Akebia Therapeutics, Evolu, Tilray, FFP and Assystem are among companies reporting earnings.

ING targeted by Italian authorities. The bank, accused of deficiencies in the fight against money laundering, is in discussion with the local regulator to improve procedures in this area. The institution can no longer take on a new client while these discussions are ongoing.

Fortis cuts staff. BNP Paribas' Belgian subsidiary will reduce the number of its branches by 40% in three years and cut 2,200 jobs. The Belgian business daily L'Echo reports that the bank plans to cut 2600 to 3,300 jobs and recruit 600 people. Fortis currently employs approximately 13,000 people. It plans to make the widest possible use of early retirement and voluntary redundancy plans.

Banking consolidation. This time it is official: Deutsche Bank and Commerzbank have started discussions for a merger, although, according to the established formula, there is no guarantee that the talks will be successful. Many unknowns remain, including the reaction of the antitrust authorities, the scope of the future entity or whether or not the German State will maintain its capital. Such an operation may also frighten employees.

In the turmoil. The U.S. Department of Transportation could investigate how the FAA granted the flight license for Boeing's B737 MAX, the Wall Street Journal reports. The Seattle Times, a daily newspaper published in Boeing's cradle, revealed on Sunday that the examination of the aircraft's automated attitude control system, the MCAS, have been subjected to sufficient analysis. These questions come after two crashes for the American's new bestseller.

GM in the spotlight. Donald Trump once again criticized the closure of the General Motors plant in Ohio. The President asked the manufacturer to reopen the Lordstown plant, which employed 1500 people and closed last week. The tenant of the White House pointed out that the Japanese company Toyota had just announced $13.5 billion in investment in the United States.

Merger in the payment industry. The "Fintech" sector is in turmoil this morning, with the announcement of the merger between FIS and Worldpay in the United States. The combination of the two American companies will create a new major player in the sector, with a cumulative capitalization of $65 billion. The transaction is carried out in securities and in case and values Worldpay at $43 billion including debt.

Leoni under pressure. The German car equipment manufacturer Leoni (already) gives up its 2019 objectives, loses its CFO and announces a social plan. Hard hit by the slowdown in the Chinese market and the setbacks of German manufacturers, the company does not yet see the end of the tunnel.

Generous Marriott. The American hotel group announced on Monday a three-year plan to open more than 1,700 hotels worldwide. It also plans to return approximately $11 billion to its shareholders.

Big IPOs in sight. Lyft is starting this week a roadshow for an initial public offering, based on a valuation between 21 and 23 billion dollars. The Italian Nexi launches its IPO and wants to raise 700 million euros.

In other news. Deutsche Post believes that there are few opportunities for its subsidiary DHL to carry out a major acquisition because of the antitrust threat. Caesars Entertainment and Eldorado Resorts would discuss a merger, according to Reuters. Principal Financial would be close to a takeover of Wells Fargo's pension business. Alcon (Novartis) acquires Powervision for $285 million.