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Marriott International Inc. will buy Starwood Hotels & Resorts Worldwide Inc for $12.2 billion to create the world's largest hotel chain with top brands including Sheraton, Ritz Carlton and the Autograph Collection.

The combined company will own or franchise more than 5,500 hotels with 1.1 million rooms worldwide and give Marriott greater presence in markets such as Europe, Latin America and Asia including India and China.

Marriott currently has three-quarters of its rooms in the United States. Starwood, which also owns St. Regis and Aloft hotel brands, gets nearly two-thirds of its revenue from outside the country.

Starwood shares fell 5.2 percent to $71.07 in premarket trading on Monday, below the offer price of $72.08, indicating investors were unhappy with the offer being at a 4 percent discount to the stock's Friday close. Marriott shares fell 1.3 percent to $71.65.

"We have been in the business for a long time but Starwood is more global than Marriott is," Marriott Chief Executive Arne Sorenson, who will lead the combined company, told CNBC. "It's a good thing that we will have more sources (of growth) from around the world."

Starwood had essentially put itself up for sale in April, when it said it was considering strategic alternatives, taking about 14 percent off its stock up to Friday's close.

The company, which had a market value of $12.67 billion as of Friday, had reached out to InterContinental Hotels Group Plc (IHG.L), Wyndham Worldwide Corp (WYN.N) and sovereign wealth funds for a possible deal since July, sources had told Reuters.

Starwood's shareholders will get 0.92 Marriott Class A share and $2 in cash for each share held. They will also get about $7.80 per share from the spinoff of Starwood's timeshare business and subsequent merger with Interval Leisure Group Inc (IILG.O), announced in February.

Marriott said it expected one-time transaction cost of $100 million-$150 million related to the acquisition, which was expected to add to earnings from the second year after it closes.

After the transaction closes, the company is expected to add three Starwood members to its board, which will expand to 14 members. The deal is expected to close in mid-2016, the companies said.

Lazard and Citigroup advised Starwood on the deal and Deutsche Bank Securities advised Marriott.

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Stocks: U.S. stock indexes opened slightly lower on Monday after recovering most of their weekend losses following Friday's attacks in Paris.

The Dow Jones industrial average (DJI) fell 20.38 points, or 0.12 percent, to 17,224.86, the S&P 500 (SPX) lost 1.98 points, or 0.1 percent, to 2,021.06 and the Nasdaq Composite index (IXIC) dropped 12.21 points, or 0.25 percent, to 4,915.68.

Stocks: Marriott International Inc (O:MAR) will buy Starwood Hotels & Resorts Worldwide Inc (N:HOT) for $12.2 billion to create the world's largest hotel chain with top brands including Sheraton, Ritz Carlton and the Autograph Collection.

The combined company will own or franchise more than 5,500 hotels with 1.1 million rooms worldwide and give Marriott greater presence in markets such as Europe, Latin America and Asia including India and China.

Forex: The dollar held gains against the other major currencies on Monday, despite the release of downbeat manufacturing activity data from New York, as growing expectations for a December rate hike by the Federal Reserve continued to support the greenback.

EUR/USD slid 0.32% to six-month lows of 1.0740.

The Federal Reserve Bank of New York reported that its general business conditions index improved to -10.7 this month from a reading of -11.4 in October. Analysts had expected the index to rise to -6.0 in November.

Japan’s Economy: Japan's economy fell back into a recession in the third quarter, according to official figures released on Monday. The weak data underlined how government policies have struggled to bolster growth in the world’s third-largest economy.

Japan’s gross domestic product shrank by an annual 0.8% in the three months to September, after a 1.2% contraction in the second quarter. Two consecutive quarters of declines mark a technical recession. The data added to pressure on the government and the Bank of Japan to expand a stimulus package championed by Prime Minister Shinzo Abe.

Economic Indicators: The New York Federal Reserve’s index of manufacturing conditions contracted for the fourth straight month in November, dampening optimism over the strength of the economy, official data showed on Monday.

In a report, the Federal Reserve Bank of New York said that its general business conditions index improved to -10.7 this month from a reading of -11.4 in October. Analysts had expected the index to rise to -6.0 in November.

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16

Nov

Global markets are looking resilient after early falls Monday following a series of coordinated terrorist attacks in Paris that left at least 132 people dead.

What is it? Expectations of future inflation can manifest into real inflation

What is it? It's a detailed record of the RBA Reserve Bank Board's most recent meeting, providing in-depth insights into the economic conditions that influenced their decision on where to set interest rates.

When? At 7:30pm Eastern Time. 

Trading Tip: If the announcement will hint towards higher interest rates, you can expect the AUD to rise.

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What is it? It's a leading indicator of economic health - manufacturers are quickly affected by market conditions, and changes in their sales can be an early signal of future activity such as spending, hiring, and investment.

When? At 8:30am Eastern Time. 

Trading Tip: If the actual number is higher than the forecast, you can expect the CAD to rise.

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What is it? As head of the ECB, which controls short term interest rates, he has more influence over the euro's value than any other person. Traders scrutinize his public engagements as they are often used to drop subtle clues regarding future monetary policy.

When? At 5:15am Eastern Time. 

Trading Tip: If the announcement will hint towards higher interest rates, you can expect the EUR to rise.

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The euro fell to six-and-a-half month lows against the yen on Monday, and was also weaker against the dollar and the pound after terror attacks in Paris hit risk sentiment.

EUR/JPY fell to lows of 130.66, the lowest level since April 29, and was last at 131.92.

Demand for safe haven assets was boosted after attackers killed more than 130 people in Paris on Friday, prompting retaliatory French air strikes against Islamic State in Syria.

The single currency was already under pressure from heightened expectations that the European Central Bank will enlarge its stimulus program, aimed at boosting price growth in the euro area, before the years end.

ECB President Mario Draghi was to speak at an event in Madrid later in the day.

The yen showed little reaction after data showing that Japan’s economy contracted at an annual rate of 0.8% in the three months to September, after a 1.2% contraction in the previous quarter, putting the country into a technical recession.

The weak data added to pressure on the Bank of Japan to step up monetary easing measures to shore up growth.

EUR/USD hit lows of 1.0688, not far from the seven-month lows of 1.0673 set early last week, and was last at 1.0736, off 0.34% for the day.

EUR/GBP hit low of 0.7023, the weakest level since August 7 and was last at 0.7066, little changed for the day.

The dollar moved higher against the yen, with USD/JPY rising 0.18% to 122.82.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.27% to 99.15.

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