10 Things You Need Before European Markets Open
The Dow Tops 18,000. The Dow rose above 18,o00 for the first time ever on Tuesday after data showed the US economy grew at its fastest rate in more than a decade for the third quarter.
Traders Smell Trouble Ahead. "The series of short-term rallies and selloffs has revived memories of events before the 'Black Monday' crash of October, 1987, and more recently the global crisis of the past decade," Reuters warns. Larry McDonald, senior director and head of U.S. strategy at Newedge in New York added: "Our systemic risk indicators are showing a very high scoring in terms of risk. I think we are anywhere from two to eight weeks away from the big one - a fall of 10% or more."
Sony Will Release "The Interview" After All. The controversial film will show in more than 200 independent theatres across the United States.
Britain's Recovery Hits A Bump. The Financial Times said it's unlikely that the UK economy will grow by 3% overall in 2014, after figures published on Tuesday showed GDP growth was slower then expected, falling from an original estimate fo 3% to 2.6% in the third quarter.
Uber CEO Indicted In South Korea. "South Korean prosecutors have indicted the local subsidiary of U.S. taxi-hailing service provider Uber and Uber CEO Travis Kalanick for violating a law governing public transport," Reuters said.
Lukoil Sells Its Stake In Venezuela Project To Rosneft. Russia's second-largest oil producer said on Monday that it had sold its 20% share in a major project developing oil in the Orinoco basin to state-controlled oil company Rosneft. Lukoil wants to focus on other projects, Reuters said.
Coca-Cola Is Axing Thousands Of Jobs. The beverage giant reportedly plans to cut up to 2,000 jobs globally in the coming weeks as part of a plan to shave $3 billion off its annual budget.
Iron Ore Is Set For Another Rough Year. Morgan Stanley analysts have cut their long-term price target for the metal to $70 a tonne amid increased Australian production and weaker Chinese demand. The prediction also carries bad news for smaller producers. "Many of the mining operations that emerged over the past decade are unviable at current prices. The most exposed of these include low-grade iron ore operations in Hebei province, northeast China; and small operations in Australia and Brazil," analysts said.
Asian Markets Are Up. Japan's Nikkei closed up 1.24%. The Hong Kong's Hang Seng closed up 0.07%.
US Markets. The US stock markets will close at 6 p.m. GMT (1:00 p.m. ET) on Wednesday and they will be closed all day Thursday.