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(Reuters) - Alphabet Inc's Google said on Monday that it is investing over $1 billion to establish a new campus in New York.

Retailers led declines in the Stoxx Europe 600 Index, as Asos Plc plunged after warning that its Christmas shopping season got off to a disastrous start. Malaysia turned up the heat on Goldman Sachs Group Inc., filing criminal charges against the U.S. bank. With the Federal Reserve seen raising interest rates this week for a fourth time this year, Chairman Jerome Powell’s remarks will be closely studied for suggestions on their future path.

Markets started cautiously as the concern over global growth that sent world stocks to 17-month lows was only partly tempered by expectations of encouraging messages from the United States and China. The Federal Reserve is widely expected to raise U.S. interest rates again at the end of its two-day meeting on Wednesday, but what matters more for investors will be whether it cuts its guidance on rate increases in 2019. The Fed now projects three more increases before 2020, but recent disappointing data and worries over Washington's protectionist policies have fuelled expectations the central bank will cut its guidance.

The online clothing seller issued a severe profit warning on Monday. To some extent, it’s a surprise that the first seasonal shocker has come from Asos. The conventional wisdom goes that internet retailers should be in a better position that beleaguered bricks and mortar stores when a squeeze on shopping comes.

The gloomy update from a U.K. online retailer that competes with Amazon.com Inc. and has furnished fashions to the likes of Meghan Markle shows that retail weakness is widespread in the runup to the holidays. Last week, Sports Direct International Plc Chief Executive Officer Mike Ashley said sales were “unbelievably bad” in November, sending the shares off a cliff. Asos fell as much as 43 percent Monday in London, wiping more than 1.4 billion pounds ($1.8 billion) off the market value.

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SSE’s board decided it wasn’t in the best interest of the company to proceed with the deal to combine its retail business with Innogy’s Npower unit after it emerged last month that more cash would be needed in order to obtain an investment grade rating for the combined company. Shares of Innogy and SSE both fell after the announcement. The deal’s collapse forced Germany utility Innogy to warn that profits this year would be lower than expected, sending the share prices in Frankfurt down the most since April.

Modi made the announcement after talks with Maldives' new president, Mohamed Ibrahim Solih, who defeated the pro-China strongman Abdulla Yameen in a surprise election result in October and is trying to reset ties with India. During a five-year construction boom in the Maldives, China built a sea bridge connecting the capital, Male, to the main airport and is developing the airport itself, as well as building housing on land reclaimed from the sea. Solih's administration has said it is trying to find out just how much the country of 400,000 people owes China.

In 1983, Japanese electronics maker Sanyo set up a factory in the newly established Special Economic Zone in Shekou, at the southern tip of Shenzhen, the city whose transformation is most closely linked with the 40 years since the country began moving toward a market economy, a milestone it celebrates this week. Since former leader Deng Xiaoping launched China on its "Reform and Opening Up" path in 1978, the southern city has transformed from a market town of less than 50,000 people into a skyscraper-studded high-tech hub that is home to roughly 12 million people and locally grown tech giants like Huawei [HWT.UL], ZTE and Tencent. At Sanyo, Liu and her co-workers churned out cassette recorders, pocket calculators and other gadgets, helping to make "Made in China" a household label for electronics.

An Italian judge found on Monday that oil groups Eni and Royal Dutch Shell were fully aware that their 2011 purchase of a Nigerian oilfield would result in corrupt payments to Nigerian politicians and officials. Italy's Eni and Shell bought the OPL 245 offshore field for about $1.3 billion in a deal that spawned one of the industry's largest corruption scandals. The Milan judge made the comment in handing down her reasons for the September conviction of Nigerian Emeka Obi and Italian Gianluca Di Nardo, both middlemen in the OPL 245 deal, for corruption.

The majority of its private equity portfolio will be transferred to funds run by Intermediate Capital Group Plc, the bank said in a statement Monday. Standard Chartered’s private-equity team will form Affirma Capital in a management buyout to run the portfolio. The unit, which invests in companies across emerging markets, has been responsible for more than $1 billion of losses and restructuring costs since Winters took charge three years ago, and he’s been looking for ways to exit the business since late 2016, Bloomberg has reported.

The expected settlement between the Ontario Securities Commission and Toronto-listed Katanga Mining Ltd is related to the company's business activities in the Democratic Republic of Congo between 2014 and 2016, the Journal reported, citing an anonymous source. The Ontario Securities Commission did not immediately respond to a request for comment. Glencore's share price rose around 1 percent by 0927 GMT, while the broader mining index was 1.4 percent higher.

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While the number of oil rigs in the U.S. fell to the least in eight weeks, investors are grappling with concerns rising American output will quash any price rallies. Hedge funds slashed bullish bets on West Texas Intermediate crude to the lowest in more than two years, showing they aren’t buying into the OPEC+ coalition’s production cuts just yet. Crude remains near its lowest level in more than a year despite larger-than-expected output curbs by OPEC+ and the prospect that unplanned losses in Iran and Venezuela will exacerbate the group’s cuts.

Oil prices steadied on Monday after slipping by around 2 percent last week, but remained under pressure from oversupply and concern over the prospects for global economic growth and fuel demand. Brent crude oil was down 10 cents a barrel at $60.18 per barrel by 0945 GMT. Both benchmarks fell more than 25 percent through October and November as a supply glut inflated global inventories but have stabilized over the last three weeks, trading within fairly narrow ranges as oil producers have promised to cut production.

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