1. Tencent Music IPO: Tencent Music said in a regulatory filing that it's seeking as much as $1.2 billion from investors in its New York listing.
That's far less than the $2 billion the company was reportedly planning to raise earlier this year. The firm did not specify when it expects to debut on the New York Stock Exchange.
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It would still be the third largest Chinese IPO in the United States since the beginning of 2018, according to data provider Dealogic. Streaming video platform iQiyi (IQ) raised $2.3 billion and social shopping app Pinduoduo (PDD) raised $1.6 billion.
The business, which dominates music streaming in China, is owned by Chinese internet giant Tencent (TCEHY). Shares in Tencent were trading 1.1% higher in Hong Kong.
2. Trade truce confusion: Investors are trying to figure out exactly what the United States and China agreed on trade during the G20 Summit in Argentina.
The language used in the Trump administration's announcement of the trade detente was very different to that in Chinese government statements, especially on Beijing's promises to buy more US goods and the possibility of removing existing tariffs. There's also confusion over whether China has agreed to reduce tariffs on cars it imports from the United States.
"Such inconsistent messages will leave markets guessing and struggling to reach a conclusion, thus leading to volatile price action in financial assets," said Hussein Sayed, chief market strategist at FXTM.
3. Global market overview: US stock futures were lower.
US oil futures gained 2.4% ahead of a crucial meeting between Saudi Arabia-led OPEC and Russia later this week. Investors are expecting the oil producing countries to agree cooperating on production cuts.
The British pound gained 0.7% against the dollar after the legal adviser to Europe's top court said the UK government has the power to unilaterally halt the Brexit process.
US markets will be closed Wednesday for national day of mourning in honor of former President George H.W. Bush.
5. Coming this week:
Tuesday — Bank of Montreal (BMO), Dollar General (DG) and Restoration Hardware (RH) earnings
Wednesday — US financial markets closed
Thursday — OPEC meeting; Kroger (KR), Ulta (ULTA) and Broadcom (AVGO) earnings; Trial for government's appeal of AT&T-Time Warner deal begins
Friday — Jobs numbers
- Tencent Music IPO; Trade confusion; Market rally evaporates
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