Goldman hit in Malaysia ; Nissan board meeting; Retail pain

Posted December 17, 2018 5:31 a.m. EST

— 1. Charges against Goldman Sachs: Malaysia has filed criminal charges against Goldman Sachs over its dealings with scandal-hit investment fund 1MDB.

The US investment bank and two of its former employees are accused of breaking Malaysia's securities laws, Malaysian Attorney General Tommy Thomas said in a statement Monday.

The case relates to $2.7 billion that was allegedly misappropriated from 1MDB bond sales, Thomas added.

A Goldman Sachs (GS) spokesman said in a separate statement that the bank would "vigorously defend" itself against the charges.

2. Carlos Ghosn fallout: Nissan's (NSANY) board is meeting Monday amid signs that the Japanese automaker's relationship with Renault has become strained.

Renault (RNSDF) and Nissan are partners, but the strength of their alliance has been tested by the arrest and indictment of Carlos Ghosn in Japan.

Ghosn has been ousted as chairman at Nissan, and temporarily replaced at the French automaker. Nissan has also been indicted as part of the investigation into financial wrongdoing.

Renault has sent a letter to Nissan's CEO asking him to call a shareholder meeting, the Wall Street Journal reported. That would allow Renault to push for a new chairman at Nissan.

According to the Journal, the letter warns that Nissan's indictment "creates significant risks to Renault" and to the "stability of our industrial alliance."

Nissan and Renault declined to comment on Monday. Nissan is expected to hold a press conference following its board meeting.

3. Retail gloom: Shares in UK online fashion retailer Asos (ASOMY) plunged 40% after the company cut its full year guidance. The company cited "significant deterioration" in the crucial month of November.

Asos had appeared to be immune from the sickness affecting UK retailers, many of which have struggled with the transition to online shopping and an economic slowdown caused by Brexit.

The warning from Asos could be a sign that even savvy online sellers won't escape the pain.

4. Global market overview: US stock futures were pointing higher.

European markets opened mostly lower, following a mixed trading session in Asia.

The Dow closed 2% down on Friday. The S&P 500 lost 1.9% and the Nasdaq dropped 2.3%.

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5. Earnings: Oracle (ORCL) and Red Hat (RHT) will release their earnings after the close.

6. Coming this week:Monday — Oracle (ORCL) earningsTuesday — FedEx (FDX) and Darden (DRI) earningsWednesday — General Mills (GIS) earnings; Fed decision on interest ratesThursday — Nike (NKE), Walgreens Boots Alliance (WBA) and Blackberry (BB) earnings; Bank of England meetingFriday — Carmax (KMX) earnings; GDP third estimate.