Carlos Ghosn in trouble; Brexit business; China tech earnings

1. Trouble for Nissan, Renault and Mitsubishi: Nissan says that an internal investigation into its chairman, Carlos Ghosn, has turned up evidence of "significant" financial wrongdoing. The revelation has major implications for the global auto industry. Ghosn is also chairman of Renault and Mitsubishi Motors (MMTOF), and the driving force behind an alliance that links the three carmakers.

Where U.S. stocks are heading Dow Futures   Nasdaq Futures   S&P Futures -28.00   -2.50   -3.25 -0.11%   -0.04%   -0.12%

World Markets Japan   China   U.K. Nikkei 225   Shanghai Composite   FTSE 100 +140.82   +24.40   +30.40 21,821.16   2,703.51   7,044.28 +0.65%   +0.91%   +0.43%

Biggest Winners Take-Two Interactive Software Inc +3.13%   Linde PLC +0.98%   Applied Materials Inc +0.59%   Cisco Systems Inc +0.52% Biggest Losers TechnipFMC PLC -2.10%   Apple Inc -1.76%   Seagate Technology PLC -1.76%   Micron Technology Inc -1.24%

News: What you need to know about the markets     Carlos Ghosn in trouble; Brexit business; China tech earnings By Charles Riley, CNN Business   1. Trouble for Nissan, Renault and Mitsubishi: Nissan says that an internal investigation into its chairman, Carlos Ghosn, has turned up evidence of "significant" financial wrongdoing.   The revelation has major implications for the global auto industry. Ghosn is also chairman of Renault and Mitsubishi Motors (MMTOF), and the driving force behind an alliance that links the three carmakers.   Nissan (NSANY) said in a statement that Ghosn has for years been under-reporting his income in Japan. It said "numerous other significant acts of misconduct have been uncovered," including personal use of company assets.   The Japanese carmaker said it would seek to remove Ghosn as chairman. Japanese media reported that Ghosn was being questioned by prosecutors and could be arrested.   "Nissan has been providing information to the Japanese Public Prosecutors Office and has been fully cooperating with their investigation," Nissan said in a statement. "We will continue to do so."   Stocks had stopped trading in Japan when the statement was released, but Nissan shares listed in Frankfurt dropped over 10%. Renault (RNSDF) shares trading in Paris plunged as much as 13%.   2. Brexit support: Prime Minister Theresa May is likely to find a receptive audience Monday when she talks up her Brexit deal at a meeting of the Confederation of British Industry.   John Allan, president of the influential business lobby, will endorse her deal to withdraw from the European Union, saying it "minimizes the damage to our economy," according to a copy of his remarks released in advance.   "While companies in this room would be the first to say that it is not perfect, it does open a route to a long-term trade arrangement and unlocks transition — the very least that companies need to prepare for Brexit," he is expected to say.   "So our message to the politicians is this — listen to the businesses in your constituencies — and everyone who depends upon them," he will add.   The pound strengthened 0.2% to trade at $1.28 on Monday, clawing back some of the losses suffered last week when key UK government ministers resigned and said they would not support the deal. It still needs to be signed off by the other 27 EU member states and the UK parliament.   3. Global market overview: US stock futures were little changed.   European markets opened with gains of roughly 0.5%. Stocks in Asia had a solid session, advancing by as much as 1%.   The Dow added 0.5% on Friday and the S&P 500 gained 0.2%. The Nasdaq shed 0.2%. For the week, all three major indexes declined about 2%.   Before the Bell newsletter: Key market news. In your inbox. Subscribe now!   4. Earnings and economics: Xiaomi earnings beat estimates Monday, in what should be a boost for the company's beleaguered Hong Kong-listed shares. The Chinese smartphone maker posted profit of 2.5 billion yuan ($360 million) for the three months ended in September. Revenue grew 49%.   Chinese e-commerce firm JD.com (JD) will publish earnings before the US open.   L Brands (LB), the parent company of Bath and Body Works and Victoria's Secret, will release earnings after the close. The retailer's stock is down 40% for the year.   One big problem is Victoria's Secret, which younger customers have abandoned in favor of cheaper brands. Last week, unconfirmed reports indicated that CEO Jan Singer has resigned as head of the brand.   Intuit (INTU) and Urban Outfitters (URBN) will also report after the close.   Markets Now newsletter: Get a global markets snapshot every afternoon. Sign up now!

Coming this week:     Monday — L Brands (LB), Urban Outfitters (URBN), JD.com Inc. (JD) earnings Tuesday — BJ's Wholesale Club (BJ), Best Buy (BBY), Barnes and Nobels (BKS), Campbell Soup (CPB), Target (TGT), TJX (TJX) and Gap (GPS) earnings Wednesday — Deere & Co. (DE) earnings Thursday — US markets closed for Thanksgiving Friday — Black Friday; US markets close early

Key Market Stats Latest Today's Change Oil $56.88 +0.20 / +0.35% Gold $1,222.40 -0.60 / -0.05% 10-yr 3.07% -0.04 Euro $1.14 +0.00 / +0.08%

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