Good morning. Here’s what you need to know to start your day.
- Merkel coalition under threat as new leaders elected to SPD.
- Terror attack roils U.K. campaigning as Trump set to visit.
- Malta’s PM pledges to quit as allies questioned over murder.
Five Things You Need to Know
Angela Merkel’s government is in crisis after the Social Democrats elected leaders seen as a threat her coalition. Merkel’s SPD vice chancellor, Olaf Scholz, suffered a stinging defeat in his bid to lead the party as members opted for Norbert Walter-Borjans and lawmaker Saskia Esken, who have opposed the alliance with Merkel. While Walter-Borjans said there was no intention to abruptly quit the coalition, the SPD may make demands which may cross red lines for Merkel’s Christian Democratic-led bloc.
Boris Johnson’s Conservatives will paint their party as one of law and order on Monday, while London reels from a terror attack and prepares to welcome Donald Trump today for a NATO summit. Both the U.S. president’s visit and the deadly assault threaten to derail campaigning two weeks before a general election. Johnson and Jeremy Corbyn have clashed over who is to blame for the early release of the convicted terrorist who carried out the attack.
Malta’s Joseph Muscat pledged to resign as prime minister after his closest adviser and the finance minister were questioned over a car bomb that killed an investigative journalist. Muscat said public anger over the murder was justified. Daphne Caruana Galizia was probing suspicious payments by a local power company when she was killed, and the ECB has raised broader concerns about money laundering in Malta.
Oil rebounded from the biggest weekly loss since early October after Iraq signaled OPEC and its allies will consider deeper output cuts later this week. Futures rose as much as 1.9% in New York after plunging 5.1% on Friday, the largest loss in more than two months. The reduction could be about 400,000 barrels a day, Iraq Oil Minister Thamir Ghadhban said.
Data from China helped gains in oil and Asian stocks, as the official purchasing managers’ index unexpectedly jumped to a level signaling a recovery in activity. PBOC chief Yi Gang cautioned the global downturn “will likely stay for a long time,” a sign monetary policy will remain accommodating. China wants tariffs to be rolled back as part of the phase-one trade deal with the U.S., the Global Times said in a tweet on Sunday.
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