Brexit plan hits pound; ING cuts 5,800 jobs; Tesla delivers

Brexit? What Brexit? Business is booming
Brexit? What Brexit? Business is booming

1. Brexit plan hits the pound: The pound slumped 0.8% to $1.28 on Monday after Prime Minister Theresa May said the U.K. would begin the formal process of leaving the European Union by the end of March 2017.

The currency is now hovering just above the 30-year low it hit earlier this summer following the Brexit vote.

If May sticks to her timetable, Brexit should happen in 2019. Investors will be watching for more details when Philip Hammond, the U.K. Treasury chief, outlines his plan for the country's finances later on Monday.

Related: Fear & Greed Index

2. ING cuts 5,800 jobs: Dutch financial services group ING (ING) announced Monday it will cut 5,800 jobs in the next five years, mostly in Belgium and the Netherlands. The company stock rose slightly on the news.

The company said it will invest 800 million euro ($898 million) in a digital makeover, which it said will lead to annual savings of 900 million euros ($1 billion) by 2021.

3. Company news and economic data: Tesla (TSLA) says its deliveries jumped 70% in the third quarter, stellar growth that means the automaker is now selling twice as many cars as it was a year ago.

Employees at all 7,600 company-operated Starbucks (SBUX) stores will receive a raise of at least 5% starting Monday.

The Institute for Supply Management will update its key U.S. manufacturing index at 10 a.m. ET.

In Europe, the latest PMI data show steady growth in factory activity, led by Germany and Austria.

"The key message from the September survey is that the euro area's manufacturing economy continues to expand at an encouragingly solid pace," said Chris Williams, chief business economist at IHS Markit, which compiles the report.

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Related: CNNMoney's Tech30

4. Markets overview: U.S. stock futures are edging higher.

European markets are mostly up in early trading. The FTSE 100 advanced 1%, getting a boost from the cheap pound. Markets in Germany are closed for public holiday.

Asian markets ended the session up.

Oil futures are trading 1% higher at $48.7 per barrel.

5. Friday market recap: The Dow Jones industrial average was up 0.9%, while the S&P 500 and the Nasdaq each added 0.8%.

Related: This week's market agenda

6. Coming this week:

Tuesday - Vice presidential debate; Google announcement

Wednesday - International trade report; Petroleum status report

Thursday - Weekly U.S. jobless claims

Friday - September U.S. jobs report

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