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European markets closed with losses amid sharp stock declines recorded in the United States. The Dow Jones Industrial Average closed more than 800 points lower on Wednesday and dropped more points today after trading briefly in the green. Meanwhile, US President Donald Trump said that he would like the Federal Reserve "not to be so aggressive" as Fed decided to further raise interest rates.
The DAX closed 1.36% lower with Merck losing 3.99% at the market close. The FTSE 100 ended the trading session 1.92% in the red led by Barratt Developments PLC losses of 10.62%. The CAC 40 fell 1.79% at the market close. The worst performer was Axa, decreasing 3.13%
Crude prices fell around 2.5% as investors digested the worse-than-expected report from the United States Energy Information Administration (EIA) that stated a rise of 6 million barrels in the American oil inventories for last week. Meanwhile, investment incentives were also lower amid an ongoing market selloff on Wall Street.
Earlier in the day, the Organization of the Petroleum Exporting Countries (OPEC) revised down global oil demand growth projection to 1.54 million barrels per day from 1.62 million barrels per day in September, with the total demand for 2018 at 98.79 million barrels per day. This marks the organization's third consecutive downward revision.
Italy to cut military spending
Italian government is ready to cut €500 million in armament spending with the new budget law, Deputy Prime Minister Luigi di Maio said, according to multiple local media outlets.
The day before, Italy's Parliamentary Budget Office (UPB) approved the government's economic forecasts. The budget plan is now set to be reviewed by the European Union, although early reports stated the European Commission will reject it.
Market tremors follow European Commission President Jean-Claude Juncker's remarks over the weekend, stating the EU was ready to help Italy with its budget. On Monday, Italian Deputy Prime Minister Matteo Salvini stated that Juncker and the European Commissioner for Economic and Financial Affairs Pierre Moscovici were "the real enemies of Europe."
PayPal Partners with Walmart
Payment services company PayPal Holdings Inc. and retail giant Walmart Inc. announced on Thursday they entered a partnership to provide financial services to shared customers. The collaboration will allow PayPal users to deposit and withdraw cash at Walmart for a fee of $3 per transaction. The service will be available to PayPal mobile app users, as well as to PayPal Cash Mastercard customers at Walmart Service Desks, ATMs and cash registers.
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