10 things you need to know before European markets open

Good morning! Here's what you need to know.

Oil is rocketing. OPEC agreed to cut production for the first time in eight years.

Guy Verhofstadt slammed UK politicians. The EU Parliament's chief Brexit negotiator has launched an extraordinary attack on British government ministers Boris Johnson and Liam Fox.

Israel is central to the iPhone 8. Apple is using an office in Israel to develop hardware for the "iPhone 8," which is expected to be released next year with a radical redesign.

The Bank of England is still bearish on Brexit. Minouche Shafik, the Bank of England's top markets official, said the UK is in the middle of an economic shock brought on by the vote to leave the European Union.

The IMF warned on trade. International Monetary Fund Managing Director Christine Lagarde said on Wednesday the institution would lower its 2016 US growth forecast again and called policies that restrict trade "economic malpractice" that would choke off growth.

Draghi isn't to blame for bank stocks falling. European Central Bank President Mario Draghi said on Wednesday that the ECB's monetary policy was not responsible for the problems some German banks are facing, participants in a meeting between the ECB chief and German lawmakers told Reuters.

Europe could rebel against global capital rules. are France and Germany have persuaded their EU counterparts to discuss pending global banking rules at their next finance ministers' meeting amid concerns the bloc may refuse to sign on to the new regulations.

Pimco said assets are expensive. Pacific Investment Management Co, which oversees more than $1.5 trillion in assets, slightly upgraded its forecast for world gross domestic product but cautioned that many asset classes appeared overvalued.

The EU is going to probe a big merger. Antitrust regulators warned on Wednesday that Deutsche Boerse's proposed $28 billion merger with the London Stock Exchange could hinder competition in key financial market activities.

Germany isn't working on a Deutsche Bank bailout. The German government denied it was working on a rescue of Deutsche Bank as Germany's biggest lender boosted its balance sheet by selling its British insurance business on Wednesday.