10 things you need to know before European markets open

Good morning! Here are the 10 most important things you need to know in markets today.

Santander and Deutsche Bank's US arms failed their stress tests. These banks will have to address deficiencies in capital planning processes, including governance and risk management. In the US, Bank of America earned a conditional pass for its capital plan, meaning it must re-submit an improved plan by the end of September. The Fed's statement said Bank of America has to "address certain weaknesses in its capital planning processes."

Eurozone industrial production is out at 10 a.m. GMT (6 a.m. ET). Economists are expecting a 0.2% bounce to be recorded for January, from December, which would leave production up 0.1% year-on-year.

Korea's central bank unexpectedly cut rates. The Bank of Korea's monetary policy committee cut its base rate by 25 basis points to a record low of 1.75%, its first cut in five months. It joined its counterparts in other countries which have recently taken advantage of lower inflation to ease monetary policy to spur sluggish growth.

And Asian shares bounced. Partly reacting to the rate cut, Asian shares jumped: The Hang Seng in Hong Kong is currently up 0.51%, which Shanghai's Composite Index is 1.80% higher. Japan's Nikkei closed up 1.43%.

The IMF and US boosted aid to Ukraine. The IMF handed Ukraine a $17.5 billion (£11.70 billion) lifeline Wednesday as the US agreed to send military aid to bolster its forces against pro-Russian rebels - but stopped short of promising weapons. The US also expanded the reach of its economic sanctions targeting Russian banks and officials, a move Moscow branded a "political provocation".

Poland will hold national defence drills. Poland will stress-test its defence capabilities with a series of countrywide drills involving the government, local authorities and the military in response to the Ukraine crisis, Polish president's chief security adviser said. Poland is concerned that Russia's annexation of Crimea and support for rebels in Ukraine may be a foretaste of it reasserting itself in the rest of Eastern Europe.

The US and Cuba just re-established a direct phone link. The United States and Cuba have re-established a direct telephone link, the Cuban state telecommunications company said Wednesday, in the latest step toward normalising ties between the one-time Cold War foes.

Samsung is diving into the won-yuan currency market from March 16. South Korean tech giant Samsung Electronics said on Thursday it will start buying or selling the Chinese yuan for the won from the Seoul market on March 16. The company will use the Korean yuan-won market, which launched in December, to settle direct transactions between its headquarters and Chinese subsidiaries.

Toyota is recalling 112,500 US vehicles. Toyota's U.S. arm said it was recalling about 112,500 vehicles due to possible safety issues.

President Dilma Rousseff's Brazilian coalition is teetering on the edge. President Dilma Rousseff can no longer count on a key ally in her ruling coalition, complicating efforts to stave off what could be the roughest patch for Brazil's economy in a quarter-century. Leaders of the Brazilian Democratic Movement Party (PMDB), the biggest party in Rousseff's coalition, blame her for their inclusion in a probe of politicians allegedly involved in a massive corruption scheme at state-run oil company Petrobras.