This is what you need to know on Monday:
1. European stocks opened weaker Monday and Wall Street futures drifted into the red as investors pulled cash from global equity markets amid concerns that tech sector shares could be due for a correction following a notable downgrade for Samsung Electronics and underwhelming Black Friday sales for tech gadgets.
2. Meredith Corporation (MDP) - Get Meredith Corporation Report said Sunday evening that it will acquire Time Inc. (TIME) for $18.50 a share in an all cash transaction valued at $2.8 billion. The deal, which is expected to close in the first quarter, represents a 46% premium over the closing price of Time Inc. on Nov 15 which is when media reports surfaced of Meredith's interest.
3. The euro traded at a one-month high of 1.1942 against the U.S. dollar overnight as the single currency rode a tailwind of stronger-than-expected regional economic data last week and Sunday reports that Germany's Chancellor, Angela Merkel, will meet with her main political rival, SPD leader Martin Schulz, later this week with the aim of establishing terms for a so-called "grand coalition" government that would end the current political impasse in Europe's biggest economy.
4. Morgan Stanley reduced its rating on the tech giant to 'equal weight' from 'overweight' and cautioned that the memory chip sector's so-called "super cycle" could be coming to an end, noting "downside risk as NAND prices have started to reverse" and "visibility on DRAM supply-demand dynamics has reduced" into next year.
5. Global oil prices were active in overnight trading as investors trimmed prices from recent two-and-a-half year highs amid signs that U.S. production increases may at least partially offset speculation that OPEC will extend its agreed production cuts from March to the end of 2018 when leaders meet later this week for a major summit in Vienna.
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