10 things you need to know before European markets open

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

NATO is worried about Russia’s war games. NATO’s secretary-general sounded the alarm Thursday over the build-up of Russian military forces from the Baltic Sea to the Mediterranean and called on the U.S.-led alliance to come up with a response.

UK industrial production figures are coming at 9:30 a.m. (4 a.m. ET). Year on year and month on month data for September will be released, with analyst consensus hovering around a 0.2% increase for the month.

German prosecutors are probing the second Volkswagen scandal. They’re investigating allegations that Volkswagen lied about the carbon dioxide emissions of up to 800,000 cars, as the auto giant sinks ever deeper into a massive pollution-cheating scandal.

U.S. jobless claims rose. The Labour Department reported initial jobless claims, a sign of the pace of layoffs, were 276,000 in the week ending October 31, up 16,000 from the prior week’s unrevised level.

Romania has an interim prime minister. Romania’s president has named the education minister as interim premier following the resignation of the prime minister and his cabinet.

The Eurozone expects a “modest” recovery. Despite a slowdown in China and emerging markets hampering demand for eurozone exports to, the 19-country single currency area is set to grow by 1.8% in 2016 and 1.9% in 2017, the EU said in its autumn forecast.

Recalls hit Fiat Chrysler profit. Net income at Fiat Chrysler’s U.S. operations fell 89% in the third quarter as the company set aside millions to pay for future safety recalls. Net profit was $US70 million (£45 million) from July through September compared with $US611 million a year ago.

German factory orders are falling. German factory orders dropped sharply in September, falling for the third straight month in a sign of weakness for Europe’s largest economy.

Spain’s Socialists are resurgent. Spain’s ruling People’s Party is on course to win the most votes in a national election in December, but the rise of the opposition Socialists and new party Ciudadanos has increased the possibility of a center-left government.

The EU is bracing for more immigration. Three million migrants are expected to arrive in Europe by 2017 as they flee war and poverty in Syria and other conflict zones, with a small positive impact on the EU economy likely.

NOW WATCH: 50 Cent testifies his lifestyle is an illusion

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.