10 things you need to know before European markets open

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

VW has found another problem. The company said it had uncovered “inconsistencies” when determining carbon dioxide emission levels which could affect around 800,000 cars. VW said preliminary estimates of the cost have hit €2 billion ($US2.19 billion).

Portugal is having a political crisis. The opposition Socialists said they were still trying a reach an agreement with two other left-wing parties for a majority-backed government, which they have pledged to have in place before trying to oust the new cabinet next week.

Google has hit back at EU antitrust regulators. The company hit back at EU warnings of a possible hefty fine, saying this would be inappropriate because of the unusual nature of the case and its willingness to settle its antitrust dispute with concessions last year.

The leaders of Taiwan and China will meet for the first time since 1949. Taiwan’s president will meet Saturday with his counterpart from once icy political rival China, marking a historic moment.

Conflict is a real possibility in the Balkans. “If the migrant crisis is not adequately controlled as agreed at the summit in Brussels there is a possibility of conflict situations between the states of the Western Balkans,” Slovenian Prime Minister Miro Cerar told a news conference

U.S. manufacturing data disappoints. New orders for U.S. factory goods fell for a second straight month in September as the manufacturing sector continues to struggle under the weight of a strong dollar and deep spending cuts by energy companies.

Greece is still ironing out issues with its creditors. Financial and economic affairs commissioner Pierre Moscovici said Greece and its European creditors should be able, by next week, to iron out disagreements on reforms the country must undertake to receive a new rescue loan instalment.

Bill Ackman’s Pershing Square investment fund is having a terrible year. The portfolio has lost 19% this year after a bet on Valeant Pharmaceuticals soured, turning one of last year’s biggest winners into one of this year’s most prominent losers.

Americans are buying cars again. U.S. auto sales rose at an annualized pace of 18.24 million in October, according to Autodata, crushing expectations.

European producer price inflation figures are coming at 10 a.m. UK time (5 a.m. ET). The Producer Price Index (PPI) released by the Eurostat measures the change in prices received by domestic producers of commodities. It’s expected to fall 3.3%.

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