Here are five things you must know for Wednesday, Nov. 15:

1. -- U.S. stock futures were pointing to sharp losses for Wall Street on Wednesday, Nov. 15, amid a fall in oil prices, doubts over U.S. tax reform and ahead of data on U.S. consumer prices and retail sales. 
 
European stocks slumped to the lowest level in nearly two months amid a rapid decline in the U.S. dollar and oil. Asian shares finished the session mixed but Japan's Nikkei 225 tumbled 1.6% -- the biggest decline since April -- after weaker-than-expected third-quarter GDP figures.
 
The economic calendar in the U.S. on Wednesday includes the Consumer Price Index for October at 8:30 a.m. ET, Retail Sales for October at 8:30 a.m., the Empire State Manufacturing Survey for November at 8:30 a.m. and Oil Inventories for the week ended Nov. 10, at 10:30 a.m.
 
Economists surveyed by FactSet expect inflation at the consumer level in the U.S. to rise 0.1% in October. Year on year, the CPI is forecast at 2.0%.  
 
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2. -- The week-long slide in oil prices accelerated on Wednesday, following a surprise increase in U.S. inventories, a forecast for weaker demand growth and hints that Russia isn't ready to extend OPEC-coordinated production cuts.

Global benchmark Brent crude fell as low as $61.34 a barrel in overnight trading before regaining some to trade down 1.2% on Wednesday to $61.47 a barrel. West Texas Intermediate crude oil slumped 1.2% to $55.05 a barrel. The U.S. benchmark has fallen about 4% from its Nov. 6 high of $57.36.

U.S. crude stockpiles rose by 6.5 million barrels in the week to Nov. 10, the American Petroleum Institute reported on Tuesday. The increase bucked analysts' expectations that U.S. crude reserves would decline by about 2.2 million barrels over the period. Gasoline stocks also climbed, up 2.4 million barrels, once again surprising analysts who had tipped stockpiles to fall by more than 1 million barrels.

The surprise out of the U.S. followed on the heels of an International Energy Agency report that suggested that oil demand growth over 2018 would be weaker than expected. The IEA on Tuesday cut its demand growth forecast by about 100,000 barrels per day for both 2017 and 2018.

3. -- Warren Buffett's Berkshire Hathaway Inc. lifted its stake in Apple Inc. (AAPL) by roughly 3% to about 134 million shares in the third quarter. Conversely, Berkshire lowered its stake in International Business Machines Corp. (IBM) by 17.06 million shares in the period, according to filings with the Securities and Exchange Commission.

Berkshire cut its stake in IBM 32% in the third quarter to about 37 million shares worth $5.37 billion from 54.1 million shares worth $8.32 billion.

Berkshire also trimmed its stakes in Wells Fargo & Co. (WFC) and Charter Communications Inc. (CHTR) during the third quarter.

Apple was down 0.7% in premarket trading early Wednesday, while IBM shares declined 1.1%.

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4. -- Target Corp. (TGT) earned 91 cents a share on an adjusted basis in its third quarter, beating estimates of 86 cents. The retailer also raised its outlook for fiscal 2017 adjusted earnings.

The stock fell more than 2% in premarket trading.

Earnings reports are also expected Wednesday from Cisco Systems Inc. (CSCO) , Staples Inc. (SPLS) , L Brands Inc. (LB) and NetApp Inc. (NTAP) . 

5. -- Airbus SA ( EADSY)  announced on Wednesday a $50 billion deal to sell 430 jets to Indigo Partners, the biggest ever single order for the Franco-German planemaker.

Airbus said Wednesday that it had secured a commitment from Indigo, whose airlines include Frontier Airlines in the U.S., Mexico's Volaris, Chile's JetSmart and Wizz Air of Hungary, for 430 aircraft from the A320neo family at the Dubai Airshow.

Boeing Co. (BA) , meanwhile, said it reached a deal to sell Dubai-based FlyDubai its 737 Max 8 planes at a list price value of $27 billion. The deal includes a commitment by the airline to buy 175 planes, with options on another 50.

This story has been updated from 6:05 a.m. ET.

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