Good morning! Here are the major news stories already making an impact today.
Italy’s tax Cut Is The Biggest Ever Done. Italy’s cabinet on Wednesday approved a 2015 budget just hours before an EU deadline, unveiling plans to increase borrowing to slash taxes by €18 billion ($US23.03 billion).
Saudi Arabia And Dubai Markets Plunge Amid Panic Selling. Saudi Arabia’s main stock index plunged 5 per cent on Thursday amid panic selling by retail investors, dragging down other stock markets in the Gulf.
Europe’s ‘Fear Index’ Is Smashing Through The Roof Today. Europe’s volatility-measuring VSTOXX index is up by more than 20% already today.
European Markets Are Getting Hammered Again. The FTSE 100 is down 1.83%, France’s CAC 40 index is down 2.40% and Germany’s DAX is down 1.76%.
US Industrial Production Is Coming. At 9.15 a.m. ET, we’ll have industrial production figures for September, with analysts expecting a 0.4% increase from August. Then at 10 a.m. ET, the Philadelphia Fed manufacturing survey is out.
Airbus’ CEO Says Germany Treats Defence Companies Like Smut. Germany treats the sector like ‘smut’, Airbus Group Chief Executive Tom Enders told a German newspaper.
Hong Kong’s Leader And Protestors Might Go Back To Negotiating. Hong Kong’s embattled leader reopened his offer of talks with student leaders Thursday a week after the government abruptly pulled out of discussions.
ISIS’ Advance Has Been Stalled By Airstrikes. The advance of Islamic State fighters on Kobani stalled on Thursday according to a monitoring group, after U.S.-led coalition warplanes launched their heaviest bombardment yet on the militants.
The White House Is Now In Crisis Mode Over Ebola. The White House has cancelled two days of planned political events as President Barack Obama strives to show he has control over stopping the spread of the deadly disease.
Oil Just Crashed Below $US80. West Texas Intermediate crude (WTI) is now below $US80/barrel for the first time since summer, 2012.