EUROPE 1.

More broadly, European stock markets mirrored the weak trading day in Asia, where Japans Nikkei JP:NIK -2.59% slumped 2.6% and Hong Kongs Hang Seng Index HK:HSI 1.65% dropped 1.7%. The losses came as worries over a slowdown in China continued to weigh on the trading mood, after a surprise decline in Chinese exports rattled markets at the beginning of the week. 2. In January, weaker-than-expected manufacturing data from the worlds second-largest economy triggered a wider market rout, with emerging markets and their currencies hit especially hard. A major concern is that a hard landing in China could slow growth globally, after years of stellar expansion in the country helped boost the international economy. 3. Markets in Europe were also hit by data showing a surprise drop in industrial production for the euro zone in January. Output fell 0.2% from December, below consensus estimates of a 0.5% rise. Figures for December, however, were revised higher to a drop of 0.4% from the 0.7% decline previously reported. 4. Howard Archer, chief U.K. and European economist at IHS Global Insight, said the data marked a disappointing start to 2014 for the manufacturing sector, but that the underlying numbers are more encouraging. The January figures were dragged lower by a 2.5% drop in energy output, while output of capital goods rose 0.9%, signaling business investment may have started to pick up in the region, Archer said.

RUSIA 5. Leaders of the Group of 7 group of advanced economies will publish a statement later Wednesday calling on Russia to relinquish its territorial ambitions in Ukraine, following the countrys military incursion into the Crimean peninsula. 6. The statement, to be released at 1.00 p.m. in London, or 9 a.m. Eastern Time, will leave no doubt about the determination of the G7, European Commission President Jose Manuel Barroso said Wednesday in a speech to the European Parliament. 7. Relations between Europe and Russia have deteriorated sharply in recent days as Crimea prepares to hold a referendum Sunday on whether to split from Ukraine and join Russia. Ukraine, the EU and the U.S. view that vote as illegal. 8. In a joint statement, the leaders said Russian annexation of Crimea "could have grave implications for the legal order that protects the unity and sovereignty of all states."

9. The G-7 statement said the vote would have no legal effect. "Given the lack of adequate preparation and the intimidating presence of Russian troops, it would also be a deeply flawed process which would have no moral force. For all these reasons, we would not recognize the outcome," TREASURIES 10. Fears of slowing growth in China, including potentially more corporate bond defaults in the world's second-largest economy, helped push investors toward haven government debt. 11. Treasurys have been mostly range-bound in recent sessions as the market looks to take the temperature of the U.S. economy. A string of weak economic indicators since the start of the year has been mostly blamed on the temporary impact of cold weather in much of the U.S. However, the market is looking for signs that a spring thaw will revive momentum.

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12. U.S. stocks extended their decline on Wednesday, joining in a global sell-off and putting the S&P 500 on pace to stretch its losing streak to three straight sessions. Analysts attributed the selling to worries about China's slowdown and continued Russia-Ukraine tensions. 13. High-grade copper HGK4 -0.15% for May delivery has traded below $3 a pound this week, a level not seen by the metal since July 2010. In addition to fears that a growth slowdown in China could affect copper demand, the metal has also been used as collateral for loan deals and there are fears those could start unwinding. 14. With estimates that as much as 60% of Chinas copper stock is used as trade collateral, theres panic among copper investors who are worried about massive liquidation in the market, said Schlossberg. 15. The same can be said for the situation in Ukraine where there have yet to be signs of Russian de-escalation. That appears to be getting under the skin of some European markets -- and particularly Germany, which counts Russia as a major trading partner. The DAX Index has fallen 4.1% over the last five days, the FTSE 100 has dropped 3.0%, and the CAC 40 is down 2.4%.

16. A steep drop in copper prices, which Chinese traders often use as collateral in trades, added to fears about further destabilization in its financial system, and a broader economic slowdown in the worlds second largest economy. Investors also extended worries about more corporate bond defaults in China following the first-ever default last week. 17.

CRUDE 18. Oil prices gave up nearly 2% Wednesday, with a larger-than-expected rise in U.S. inventories adding to demand concerns following soft China data earlier in the week. 19. Oil futures found no relief after the Organization of the Petroleum Exporting Countries, in its monthly report, raised its 2014 world oil-demand forecast by 50,000 barrels a day, bringing expectations for demand to rise by 1.14 million barrels a day. 20.