1. U.K. in chaos: British Prime Minister Theresa May remains under intense pressure following last week’s election shocker.
The results have dramatically weakened May’s position with just a week to go before the official start of Brexit divorce talks.
The pound was trading slightly lower against the dollar on Monday at $1.27. That’s 15% lower that its level on the day of the EU referendum.
2. Macron’s epic victory: La Republique En Marche!, the party of French President Emmanuel Macron, is projected to win a huge majority in parliament after a strong showing in the first round of voting on Sunday.
The result, which will be finalized in a second round of voting next week, should help Macron deliver on an ambitious overhaul of the country’s economy and political system.
3. Uber earthquake: Uber’s board on Sunday voted unanimously to adopt all recommendations from a report prepared by former U.S. Attorney General Eric Holder, which will be released to employees on Tuesday.
A report in the Wall Street Journal said the roles of two of the company’s top executives, CEO Travis Kalanick and his right-hand man, Chief Business Officer Emil Michael, were on the table at the board meeting.
4.. Global market overview: U.S. stock futures were lower early on Monday.
The Nasdaq dropped 1.8% on Friday after a report from Goldman Sachs suggested that tech stocks are in bubble territory. The analysis sparked sharp falls by some of the sector’s biggest firms, including Apple ( , Tech30), Facebook ( , Tech30), Alphabet ( , Tech30) and Microsoft ( , Tech30).
6. Coming this week:
Monday — U.S. monthly budget statement;
Tuesday — Fed meeting begins; Verizon/Yahoo deal set to close; Senate could release new health care bill; Uber releases report into sexual harassment allegations; U.K. inflation data
Wednesday — Fed interest rates announcement; U.S. inflation data; U.S. retail sales data; Crude inventories report; Marijuana industry conference; U.K. jobs report
Thursday — U.S. initial jobless claims; Manufacturing output and industrial production data; Bank of England rate decision; Cherokee ( ), Kroger Co ( ) releases earnings
Friday — U.S. housing market data; University of Michigan’s consumer sentiment index