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[Bloomberg]( Sell-off resumes, Huawei arrest sparks U.S.-China tension, and OPEC seeks to thrash out cuts. Red dawn If there’s one thing Five Things learned from the HR-mandated ‘How to handle difficult conversations’ training, it’s that you should always deliver the negative stuff alongside something positive. So here’s a cute video of [twin babies](. Now that’s out of the way, let’s get to it: Remember the whole Tuesday meltdown in stocks? That’s far from over. Futures for the S&P 500 [plunged as much as 1.9 percent in Asia](, with selling pressure early in the session so intense it forced CME Group to intermittently pause trading. It’s set the tone for the day and it’s ugly out there. A couple of days ago, [all manner of reasons]( were cited for the slump, and even analysts at the same firm [still can’t agree](. This move only adds to the uncertainty, with everyone now desperately weighing the [bull versus bear case]( for equities. Markets are sad The turmoil that’s bedeviled markets for months got renewed momentum, with contracts on the S&P 500 falling in a sudden and unexpected move that sent a shock wave across equity markets. The Stoxx Europe 600 tumbled 2.2 percent to the lowest in almost two years while the MSCI Asia Pacific Index sank 1.85 percent in its worst day in six weeks and Japan’s Topix index lost 1.8 percent. Meanwhile, a flight to safety pushed the 10-year Treasury yield down to 2.89 percent, the lowest in three months. Sponsored by Cornell [Make a one-year investment in your career with the Johnson One-Year MBA, and you’ll see the results right away. The combination of a flexible curriculum, student leadership opportunities, and a tight-knit community gives you all the benefits needed to fast-track your career trajectory.](  Arrested development One trigger for the market slide in Asia: Huawei Technologies Co.’s chief financial officer[was arrested in Canada]( over potential violations of U.S. sanctions on Iran. The arrest of Wanzhou Meng threatens to [ramp up tensions]( between the U.S. and China just as things were looking up. She is the daughter of the founder of Huawei, a national champion at the forefront of President Xi Jinping’s efforts for the Asian nation to be self-sufficient in strategic technologies. To crib from Omar from HBO’s The Wire, China [be mad, yo](. With Huawei increasingly [in the firing line](, we’re kind of regretting buying that P20 Pro last week... OPEC meet All eyes are on Vienna today, where ministers from the core OPEC group, which doesn’t include Russia, are meeting. They’re seeking a consensus on exactly [who will cut production and by how much]( after the organization and its allies (which does include Russia) broadly agreed a six-month reduction is needed. Such a move would be in defiance of Tariff Man, aka President Donald Trump, who is pushing for producers to [keep the taps open]( and prices down. Coming up… Today’s obligatory Federal Reserve talking head will be Atlanta Fed President Raphael Bostic, who’ll discuss the national economic outlook at a conference in Atlanta at 12:15 p.m. Eastern time. Data-wise, watch out for U.S. trade balance numbers, Bloomberg’s consumer comfort reading, plus durable goods orders and initial jobless claims. Basically today is the hum-drum warm-up act before the American employment report for November, which lands on Friday. What we've been reading This is what's caught our eye over the last 24 hours. - The price of a cup of coffee in Venezuela is [up 285,614%]( in a year. - NYC officials blast Wall Street's [ice-out of women]( in wake of #MeToo. - U.K. [suspends visa program]( for super rich in crime crackdown. - $2.15 trillion is right to [snub hedge funds](. - Tariffs aren’t Trump’s only [trade-war weapon](. - Three CEOs [gone in 66 seconds]( with markets closed to mourn George H.W. Bush. - This Swiss village bet on hedge funds [and lost](. - Quant blame game over stock sell-off pits [Nomura against Nomura](. And finally, here’s what Joe's interested in this morning Even though it's a dismal week for the markets, here's at least one bit of good news: tomorrow is the Friday jobs report. That will give us something to talk about. Economists are looking for 198,000 new jobs created, a steady unemployment rate of 3.7 percent and average hourly earnings gains holding steady at 3.1 percent. What would be best for the market? My guess is that the ideal situation would be any number that shows solid job creation, but mild data on the other measures of labor market tightness. It's hard to imagine that a slowdown in the pace of new jobs could be good news, as that would raise recession worries. And, of course, if the unemployment rate were to keep plunging or wage growth were to really accelerate, then that would be seen as forcing the Fed's hand. For a while there, we were looking at other ancillary numbers in the nonfarm payrolls report to get a sense of where things are going, but this time, it probably makes sense to keep it simple with the basic numbers. Like Bloomberg's Five Things? [Subscribe for unlimited access]( to trusted, data-based journalism in 120 countries around the world and gain expert analysis from exclusive daily newsletters, The Bloomberg Open and The Bloomberg Close. 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