Updated from 5:57 a.m. EST
If you'd like to receive the free "5 Things" newsletter, please register here.
Here are five things you must know for Wednesday, March 29:
1. -- U.S. stock futures pointed to a weaker start for Wall Street on Wednesday while European stocks were mostly higher as the U.K. prepares to formally begin the two-year process of leaving the European Union.
The FTSE 100 in London dipped 0.02%, while the DAX in Frankfurt rose 0.32%.
Prime Minister Theresa May will deliver a letter to EU officials in Brussels later Wednesday that will fire the starting gun on Britain's lengthy exit negotiations.
The U.K. voted to withdraw from the EU in June 2016.
May's office said she will tell lawmakers Wednesday that the U.K. is embarking on a "momentous journey" and should unite to forge a "global Britain."
"It is my fierce determination to get the right deal for every single person in this country," she is expected to say.
Stocks in the U.S. rose Tuesday and the Dow Jones Industrial Average ended an eight-session losing streak with a triple-digit gain, clawing back from some of the heavy losses seen over the past week.
The Dow rose 0.73% or 150 points, after falling 1.9% over the previous eight sessions. The S&P 500 jumped 0.73% and the Nasdaq added 0.60%.
2. -- The economic calendar in the U.S. on Wednesday includes Pending Home Sales for February at 10 a.m. EDT, and Oil Inventories for the week ended March 24, at 10:30 a.m.
Chicago Federal Reserve Bank President Charles Evans will speak at a capital markets conference in Frankfurt, at 9:20 a.m., Boston Fed President Eric Rosengren will discuss the U.S. economic outlook with the Boston Economic Club in Boston at 11:30 a.m., and San Francisco Fed President John Williams is scheduled to deliver a presentation -- "From Sustained Recovery to Sustainable Growth: What a Difference Four Years Makes," in New York, at 1:15 p.m.
The move was largely expected.
The company is looking to undertake a strategic restructuring as a result of challenges to a project in the U.S., Westinghouse said. It has obtained $800 million in debtor-in-possession financing from a third-party lender to help fund and protect its core businesses during its reorganization.
"Today, we have taken action to put Westinghouse on a path to resolve our AP1000 financial challenges while protecting our core businesses," said interim CEO Jose Emeterio Gutierrez. "We are focused on developing a plan of reorganization to emerge from Chapter 11 as a stronger company while continuing to be a global nuclear technology leader."
Toshiba said it expects a loss of 500 billion yen ($4.3 billion) for the April-December period of 2016, including a 712.5 billion yen ($6.2 billion) charge from its embattled nuclear business.
Toshiba acquired Westinghouse in 2006.
4. -- The European Commission blocked the proposed merger of London Stock Exchange Group (LNSTY) and Deutsche Boerse (DBOEY) on Wednesday, saying the €29 billion ($30 billion) tie-up would have created a monopoly in fixed income clearing markets.
"The European economy depends on well-functioning financial markets. That is not just important for banks and other financial institutions. The whole economy benefits when businesses can raise money on competitive financial markets." said Competition Commissioner Margrethe Vestager, adding the merger "would have significantly reduced competition by creating a de facto monopoly in the crucial area of clearing of fixed income instruments."
The decision was expected after the LSE said last month it couldn't commit to selling its majority stake in the electronic bond market MTS, which would have alleviated the EU's concerns.
5. -- Wells Fargo(WFC) - Get Reportagreed to pay $110 million to settle a class-action lawsuit over up to 2 million accounts its employees opened for customers without getting their permission, the bank said Tuesday.
It's the first private settlement the bank has reached since it paid $185 million to federal and California authorities late last year. Authorities said bank employees, driven by high-pressure sales tactics, opened the bank and credit card accounts without customer authorization.
"This agreement is another step in our journey to make things right with customers and rebuild trust," said Tim Sloan, Wells Fargo's president and CEO, in a statement. "We want to ensure that each customer impacted by our sales practices issue has every opportunity for remediation, and this agreement presents an additional option. We continue to encourage customers to contact us directly so that we can act quickly to refund fees and address any concerns."
The stock rose 0.3% in premarket trading on Wednesday.