- Japanese stocks have given up all their gains for the year as Asian stock markets pulled back on increased worries over the health of the world economy. The Nikkei Stock Average closed down 4.1% at 16930.84, an eight-month low, while Australia's S&P/ASX 200 closed the session down 3.8% at 4918.4, a two-year low. Amid emerging market currencies' rout, Malaysia's ringgit and Indonesia's rupiah hit fresh 17-year lows.
- Billionaire investor Carl Icahn urged the Federal Reserve to raise interest rates, saying in an interview with Reuters that the current path could be "disastrous". Icahn said the Fed's rate policy enabled U.S. chief executives to pursue "financial engineering" that he said has exacerbated an already wide gap between rich and poor in America.
- Qatar's sovereign wealth fund has suffered a $12 billion loss on paper, mainly because of its holdings of Volkswagen (VLKAY), Glencore (GLCNF) and Agricultural Bank of China, the Financial Times reports.
- Volkswagen faces a barrage of litigation, according to the Wall Street Journal, which says that two dozen lawsuits were filed in U.S. courts within days of the EPA's Sept. 18 disclosure that the carmaker admitted to cheating on emissions tests. Meanwhile, German prosecutors have started an investigation into Volkswagen's ex-CEO Martin Winterkorn.
- Spain's annual inflation posted a big fall, recording -1.2% in September according to the preliminary reading. Analysts say this was mainly due to the fall in energy prices. A breakdown of the data is expected in October.
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