10 things you need to know before European markets open

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

Terrorists struck Turkey. At least 28 people were killed and 61 wounded after a car bomb exploded outside a military residence in Turkey's capital of Ankara on Wednesday, Turkey's deputy prime minister, Numan Kurtulmus, said in a press conference following the attack.

Saudi Arabia was downgraded. For the second time in four months ratings agency S&P has downgraded Saudi Arabia's debt rating. S&P cut its rating on Saudi Arabia's debt to 'A-/A-2' from 'A+/A-1.'

Chinese inflation increased. Consumer price inflation was up 1.8% in China in the 12 months to January, according to China's National Bureau of Statistics, the fastest rise since August 2015.

A Canadian jet maker is cutting its workforce. Canadian plane and train maker Bombardier said it will reduce its workforce by about 7,000 employees over the next two years, while ramping up hiring to support production of its CSeries commercial jets.

Iran isn't playing ball over oil production. Iran said it would resist any plan to restrain its oil output as fellow OPEC ministers tried to persuade the country to join the first global oil pact in 15 years.

The US got a housing setback. US housing starts unexpectedly fell in January likely as bad weather disrupted building projects in some parts of the country, in what could be a setback for the housing industry.

The WHO needs cash to fight Zika. The World Health Organization for $56 million for its plan to combat the Zika virus, a disease that has been linked to severe birth defects in Brazil and has spread to 39 countries.

HSBC changed its pay guidelines. Most managers at HSBC's UK retail and wealth unit will not be getting a pay rise this year in what marks the bank's third change to pay policy in as many weeks.

There is a nuclear clue in the probe into the Paris attacks. Belgian investigators searching houses linked to suspects in the Islamist militant attack on Paris in November found a video tracking movements of a man linked to the country's nuclear industry, prosecutors said.

AmEx is cutting costs. American Express said it would overhaul its management, streamline its marketing operations and cut jobs as it looks to reduce $1 billion in costs over the next two years.