10 things you need to know before European markets open

Good morning! Here's what you need to know.Companies, not governments, might be on the hook for European crises. A group of experts called Thursday for "substantial reform" of the European Union budget that might see Brussels levy corporate and other taxes to cope better with crises.Nintendo crashed. Shares in Nintendo are down almost 6% at in trading on the Japanese markets after officially unveiling the details of its newest console, the $299 Nintendo Switch.We'll find out what Brexit means next week. British Prime Minister Theresa May will make a major speech next week setting out further details on her plan for leaving the European Union, Downing Street said.Morgan Stanley has promoted 140 staff to the title of managing director. The bank informed staff of the promotions on January 12, according to people familiar with the matter.There was trouble in the Turkish parliament. Turkish MPs brawled and threw chairs as parliament approved three more articles in a hugely controversial bill bolstering the powers of President Recep Tayyip Erdogan.German Chancellor Angela Merkel told the European Union it must keep a united front in negotiations with Britain over its exit from the bloc. "We are absolutely in agreement that we cannot let ourselves be divided," she told a news conference after talks with Luxembourg Prime Minister Xavier Bettel.Hong Kong's deputy leaderannounced her bid to lead the city. Carrie Lam is deputy to Hong Kong's unpopular leader Leung Chun-ying and rose through the ranks as a career civil servant before taking public office.The FTSE set another record.Britain's blue-chip stock index, the FTSE 100, just about managed to continue its record-breaking rally on Thursday, closing just 0.03% higher than the previous closing record.The European Parliament will elect a new speaker next week. In an unusually heated tussle, the vote could end a decade-long cooperation between mainstream parties, complicate lawmaking and trigger a reshuffle of top EU jobs.Spain is seeking to protect itself in Brexit. The country will work to defend the rights of its citizens in the wake of the UK's exit from the European Union, Prime Minister Mariano Rajoy said in a joint press conference with his Irish counterpart Enda Kenny.Join the conversation about this storyNOW WATCH: How much money you need to save each day to become a millionaire by age 65
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