Key Points

• European Markets are opening mixed
• Microsoft's acquisition of Activision Blizzard gains EU approval
• Erdogan forced into a runoff as opposition gains ground in Turkish Election
• UK PM Rishi Sunak vows swift action on illegal immigration

European Markets are opening mixed

As traders evaluate US debt-ceiling talks and the inflation forecast, European markets are expected to have a stable start to the week. According to statistics, the FTSE 100 index for the United Kingdom is forecast to open 1 point higher at 7,751, the DAX for Germany will close 10 points lower at 15,895, the CAC will rise 3 points to 7,401, and the FTSE MIB for Italy will rise 7 points to 27,085.

Emmanuel Macron, the president of France, will speak to business leaders from around the world in Versailles in an effort to highlight his capacity to draw in foreign capital. Olaf Scholz, the German chancellor, talks at a Berlin event. Forecasts for the spring economy are released by the European Commission. Inflation numbers for Finland and Sweden are anticipated. Among the companies expected to report earnings are Siemens Energy and Porsche Automobile.

Microsoft's acquisition of Activision Blizzard gains EU approval

Just weeks after the UK's competition authority attempted to prevent the record-breaking gaming merger, the EU's competition enforcers are poised to accept Microsoft's $69 billion acquisition of Activision Blizzard today. The commission's decision follows Microsoft's pledges to open Activision's game library to competing platforms for a 10-year term. The announcement of the permission is expected today, though it may occur at any time before the deadline of May 22. The US Federal Trade Commission also filed a lawsuit to stop the merger in addition to UK objections. Margrethe Vestager, the head of the EU's competition agency, has argued that various authorities may come to different judgments regarding Microsoft's largest-ever acquisition.

Erdogan forced into a runoff as opposition gains ground in Turkish Election

In an election that left the incumbent with momentum heading into a final battle, Turkish President Recep Tayyip Erdogan was unable to carve out a lead substantial enough to avoid a runoff. With a lead of more than 2 million votes, Erdogan will face off against Kemal Kilicdaroglu on May 28. Kilicdaroglu enjoys the support of the country's largest-ever coalition of opposition parties. According to the preliminary results from state broadcaster TRT, the president's People's Alliance also appeared to be in a position to keep its parliamentary majority. 

On Monday, preliminary results showed that Erdogan had received 49.3% of the vote, while Kilicdaroglu had received 45%, falling short of the required 50% to prevent a runoff. With more than 98% of the ballots counted, a runoff election is the most likely result, however, Erdogan could yet claim victory in the first round.

UK PM Rishi Sunak vows swift action on illegal immigration

The right wing of the ruling Conservative Party is criticizing the course of UK Prime Minister Rishi Sunak's government, and he has vowed to take swift action to stop illegal immigration. According to Sunak, who spoke to the Mail on Sunday, he is in charge of presiding over meetings of a special group twice a week to talk about the immigration crackdown as new legislation passes through Parliament. A month after hiring the first accommodation barge to shelter those who cross the English Channel illegitimately, he pledged to hire "as many as it takes" to cut down on the cost of hosting new arrivals in hotels. One of the prime minister's five major campaign promises to voters is to stop crossings in tiny boats, which Sunak attributes to criminal groups and people smugglers.