This is what you need to know on Wednesday:

1. European stocks slumped to the lowest level in nearly two months amid a rapid decline in the U.S. dollar and falling oil prices.

2. Investors continue to pause purchases in the global market rally amid a pullback in oil prices and concern over the fate of Republican tax reforms.

3. New projections from the International Energy Agency trimmed oil demand forecasts for the whole of 2018 and point to 600,000 barrels of oversupply in the first three months of next year.

4. Airbus SA (EADSY)  shares surged in early trading Wednesday after it announced a $50 billion deal to sell 430 jets to Indigo Partners, the biggest ever single order for the Franco-German planemaker.

5. Hon Hai Precision (HNHPF) , better known as Foxconn and the world's biggest assembler of Apple Inc.  (AAPL - Get Report)  products, posted its biggest quarterly profit decline in nearly a decade Wednesday after supply chain delays for the flagship iPhone hit sales and squeezed margins.

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