Investing.com - Here are the top five things you need to know today in financial markets:
1. Turkey shoots down Russian jet fighter near Syrian border
Turkish fighter jets shot down a Russian warplane near the Syrian border after it violated Turkey's airspace on Tuesday, a Turkish military official said.
Russia's defense ministry said the downed fighter jet was Russian and did not violate Turkish airspace. The fate of the crew was unknown.
2. Global shares fall amid terrorism concerns
Global stock markets were under pressure on Tuesday, as security concerns continued to weigh on market sentiment.
Asian stocks ended mostly lower, as an uninspiring overnight lead from Wall Street and losses in the mining sector weighed.
In Europe, equities traded sharply lower. Markets were jittery as Belgium remained on lockdown for a fourth consecutive day amid a continuing nationwide manhunt for a key suspect, Salah Abdeslam, in the Paris terrorist attacks 11 days ago.
Separately, the U.S. State Department issued a global travel alert for U.S. citizens on Monday, citing increased terrorist threats.
Meanwhile, U.S. stock futures were down between 0.45% and 0.55%, suggesting a weak opening on Wall Street later in the day.
3. Investors await GDP revision, other U.S. data
The U.S. is to release preliminary figures on third quarter economic growth at 8:30AM Eastern Time Tuesday. The data is expected to show that the economy expanded 2.1% in the three months ended September 30, compared to last month's advance estimate of 1.5%.
Meanwhile, a September reading for home prices is due at 9:00AM, followed by a November figure for consumer confidence at 10:00AM.
Most Federal Reserve officials believe there is a strong case to begin raising interest rates at the central bank's December 15-16 meeting, as long as U.S. economic data does not disappoint in the coming weeks.
4. German Ifo business climate rises to 17-month high in November
The German IFO said its Business Climate Index rose to 109.0 this month from a reading of 108.2 in October. The Current Assessment Index increased to 113.4 in November from 112.7 a month earlier.
"Not even the terror attacks in Paris had a negative impact on the survey," said Hans-Werner Sinn, president of the IFO.
5. Oil price fluctuations remain in focus
Oil prices pushed higher on Tuesday, as Saudi Arabia's pledge to work towards stabilizing the market continued to lend support, but any significant gains were likely to remain capped as investors focused on a global supply glut.
Brent oil was last up 40 cents, or 0.9%, to $45.23 a barrel, while U.S. crude advanced 25 cents, or 0.6%, to $42.00 a barrel.
The oil market has been on the defensive in recent months amid uncertainty about how quickly the global glut of crude is set to shrink.