Business

• Islamic State launches militant assault on Indonesia's capital (Reuters)
• Three winners emerge in $1.6 billion Powerball jackpot (Reuters)
• European Stocks Tumble, Credit Markets Weaken on Growth Concern (BBG)
• Stocks and commodity currencies floored by new oil plunge (Reuters)
• China Bear Market Looms as PBOC Fails to Stop Flight to Safety (BBG)
• Anxious phone calls, tense moments before Iran's Supreme Leader okayed U.S. sailors' release (Reuters)
• The Quiet Side of China’s Market Intervention (WSJ)

There were four things we mostly cared about in today's JPM earnings release, the first Wall Street bank to report Q4 results:

In the wake of yet another dramatic selloff on Wednesday which brought the Dow to the brink of correction territory and kept the market on pace for its worst start to a year in history, investors are getting worried.

A confluence of factors including the continued devaluation of the yuan, plunging oil, and soaring HY risk have brought markets to the precipice and the bears are out in force, with the likes of Albert Edwards calling for a horrific 75% plunge in the S&P.

It has been another choppy, illiquid, volatile overnight session, which started with weakness out of China, whose Shanghai Composite dropped 20% into another bear market in early trading, then further slammed by news of a terrorist attack in Jakarta, only to rebound back over 3000 as the Chinese National Team decided to intrevene again, this time in the ChiNext small cap index, pushing it higher by 5.6%.

Don’t look now, but Renault may be pulling a Volkswagen.

The French company’s shares fell by as much as 23% on Thursday after an apparent raid on what a union official described as “sites that have to do with standards testing and engine certification.”

Earlier, AFP reported that the agents from the fraud office of France’s Economy Ministry visited the sites last week seizing computers as part of an apparent probe into emissions testing.