10 things you need to know before European markets open

Good morning! Here’s what you need to know.

Reports of gunfire in a Paris suburb. There has been heavy gunfire and multiple explosions during a police operation in Saint Denis, a northern suburb of Paris, early Wednesday morning.

Germany had a big terror scare. A football game between Germany and the Netherlands was canceled at short notice after the Hanover police acquired “concrete information” about a bomb threat. But no explosives have yet been found.

The VW emissions scandal hasn’t hit car sales yet. The European car market expanded 2.9 per cent in October, topping 1.1 million units, according to the European carmakers’ association ACEA.

EU construction data is coming at 9 a.m. UK time (4 a.m. ET). Eurostat will release output data on the European Union’s construction industry. Last month output fell 6%.

Russia and France are joining forces. Russia’s President Vladimir Putin and French leader Francois Hollande have stepped up cooperation between their military and intelligence services in Syria after the attacks in Paris and bombing of a Russian plane, the Kremlin said.

France is building the world’s largest industrial gas company. France’s Air Liquide said it will buy Airgas of the United States for $US13.4 billion (£8.6 billion) to enhance its position in the US, the world’s leading market for industrial gases.

Italy, Austria and Lithuania risk breaking EU budget rules. The European Commission said the three countries risk overshooting deficit limits in 2016. It urged the countries to revise their spending plans.

Wal-Mart is doing better than analysts thought. The world’s biggest retailer reported a rise in comparable sales at US stores in the third quarter. Earnings were $US1.03 per share, better than the 98 cents projected by analysts.

US manufacturing output rose for the first time in three months. Production increased 0.4 per cent last month, the Federal Reserve said, after slipping 0.1% in September.

The US is going after RBS and JPMorgan executives. Federal prosecutors are pursuing criminal cases against the bank executives for allegedly selling flawed mortgage securities, the Wall Street Journal reported.

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