Morning Money Memo…

The stock market's global sell-off shows no sign of ending today. European indexes suffered heavy declines in trading this monring. But is the investor panic overdone? "US financial markets are massively over-weighting the importance of the Eurozone slowdown to U.S. growth," says economist Ian Shepherdson of Pantheon Macroeconomics. "U.S. equities are now cheap." Markets in Spain, Italy, and Greece were among the biggest losers today, with declines of more than 3 percent. Wall Street futures were down this morning after yesterday's roller coaster ride. The Dow Jones Industrial index closed down 173 points but it had been down as much as 460 points yesterday afternoon before recovering. Japan's Nikkei index fell sharply overnight, partially in response to Wall Street.

Yesterday's sell-off was driven partly by September's 0.3 percent decline in U.S. retail sales. The biggest worry for investors is the slowdown in global growth and the potential for deflation as prices for commodities continue to drop. Some analysts say another reason for the sharp decline is that stocks may be overvalued. Relative to earnings, share prices are more expensive than average. After a bull market that lasted more than five years, a correction has been widely forecast.

Interest rates continue to fall with yields on 10-year Treasury notes sliding to just above 2 percent. Crude oil prices are close to a four-year low, falling to under $81 a barrel for West Texas crude. The drop in energy prices should be really good news for consumers and most businesses, especially the airline industry.

Punishment for Netflix from investors: The video entertainment and streaming company's shares plunged 25 percent Wednesday. Netflix reported worse-than-expected subscriber growth, saying price increases were the reason. Another new threat: a new challenge from HBO which says it will offer a streaming service next year

AbbVie's board is telling shareholders to vote against its own $55 billion takeover bid for the Irish drugmaker Shire after the Obama administration made reincorporating overseas a less lucrative tax maneuver. The company, based in North Chicago, Illinois, said that rule changes introduced an "unacceptable level of uncertainty" and eliminated some of the financial benefits. If AbbVie does walk away, it would be the biggest deal yet that has collapsed after a public backlash and changes in U.S. tax policy.

Amazon is the latest big retailer to announce it will hire more seasonal workers than it did last year. The company says it will create 80,000 seasonal positions at distribution centers, an increase of 10,000 compared with 2013. "We're excited to be creating 80,000 seasonal jobs, thousands of which will lead to regular, full-time roles with benefits starting on day one," said Amazon executive Mike Roth.

Richard Davies Business Correspondent ABC News Radio abcnews.com Twitter: daviesnow