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10 things you need to know in markets today

10 things you need to know in markets today

Good morning! Here’s what you need to know.

1. The leader of Italy’s anti-establishment 5-Star Movement called for early elections in June, saying efforts to form a coalition government after last month’s inconclusive vote had failed. “At this point for me there is no other solution. We have to go back to the polls as soon as possible,” Luigi Di Maio said.

2. BP reported a 71% jump in profit in the first quarter. It was driven by higher oil and gas prices and increased production as it undergoes an era of rapid growth.

3. Australia’s corporate watchdog said it has expanded legal action against miner Rio Tinto and two former top executives. It alleges a failure to recognise an impairment in its Mozambique coal assets in 2012 financial statements.

4. Prince Alwaleed bin Talal’s Kingdom Holding and its partners have agreed to sell Movenpick Hotels and Resorts to its associate firm AccorHotels. The deal is expected to close in the second half of 2018, Kingdom Holding said in a statement.

5. The US Environmental Protection Agency has granted a financial hardship waiver to an oil refinery owned by billionaire Carl Icahn, a former adviser to President Donald Trump. It exempts the Oklahoma facility from requirements under a federal biofuels law, according to Reuters.

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