Five Things You Need to Know to Start Your Day

Get caught up on what's moving markets.

Yahoo Data Breach: What We Know So Far

Want to receive this post in your inbox every morning? Sign up here.

It's been a bad 24 hours for tech, the oil market eyes a deal in Algiers, and European PMIs weaken. Here are some of the things that people in markets are talking about today.

Tech companies have had better days

Facebook Inc. has been giving advertisers an inflated metric for the average time users spent watching a video — by not counting people who viewed for less than 3 seconds. Shares in the company fell 1.5 percent in extended trading. Yahoo! Inc. said it suffered an attack in 2014 in which the personal information of at least 500 million users was stolen. The revelation of the hack comes ahead of Verizon Communications Inc.’s planned acquisition of Yahoo's web portal assets. Finally, Twitter Inc. was downgraded by RBC Capital Markets Analyst Mark Mahaney to "underperform" as a proprietary survey showed advertisers plan to cut back spending on the site.

Oil deal in Algiers?

A barrel of West Texas Intermediate for November delivery jumped as much as $1.00 to $46.41 this morning after Reuters reported that Saudi Arabia was ready to cut production if Iran agreed to a freeze. Former Algerian Energy Minister Chakib Khelil said he is confident that OPEC will reach an agreement at the meeting next week in Algiers. As the global oil surplus to continues to grow, the pressure for an accord increases.

European PMIs

IHS Markit's monthly composite Purchasing Managers Index for the euro area fell slightly to 52.6 for September, from 52.9 in August, showing growth in the currency bloc is still struggling to gain traction. At a national level, there was a surprise in the German data, where services PMI came in at 50.6, well below the 52.1 expected by economists surveyed by Bloomberg. Markit's U.S. manufacturing PMI is due to be released at 10:00 a.m. ET, with expectations for a reading of 52.0, unchanged from August's figure.

Market rally falters

Overnight, the MSCI Asia Pacific Index dropped 0.2 percent, with Japan's Topix index also slipping 0.2 percent as concerns over the strength of the yen weighed on exporters. In Europe, the Stoxx 600 Index was 0.6 percent lower at 6:15 a.m. ET. A Bank of America Corp. report showed fund managers have withdrawn money from the region’s equities for a 33rd straight week. S&P 500 futures were down 0.1 percent

Brexit quarter

Three months ago today, polling opened in the U.K.'s referendum on membership of the European Union. The latest warnings on the fallout from the result of that poll include a risk to 100,000 jobs in London, if the City loses its dominant role in clearing, claims of added difficulties for trade deals, and more concerns about the weakness of the pound. One study, however, points out that the EU may have more to lose from Brexit than the U.K.. 

What we've been reading 

This is what's caught our eye over the last 24 hours.