10 Things You Need To Know Before The Opening Bell

Posted Nov 12, 2010 08:47am EST by Gregory White in Investing, Newsmakers
Related: SPY, ZNH, ^DJI, ^GSPC

Provided by Business Insider, November 12, 2010: 

Good morning. Here's what you need to know:

•Asian markets crashed overnight with the Shanghai Composite down 5.16%. European indices have rebounded, but are still in the red, and U.S. futures suggest a lower open.

•Chinese markets, in particular, were crushed in trading today. Beyond the Shanghai Composite, the Hang Seng was down nearly 2%. This sharp drop is being blamed on concerns over future tightening measures by the Chinese authorities to deal with rising inflation. Has this Chinese growth been real or is it just a debt burdened builder of bridges to nowhere.

•The selloff was so bad on the Shanghai Composite that two stocks reached the maximum drop allowed on a single day: China Southern Airlines and Hong Yuan Securities both fell 10%.

•Negative news also hit Europe this morning, with uncertainty over the eurozone bailout of Ireland rattling credit markets and equities. The euro has spiked and troughed on conflicting rumors a bailout package was in place.

•The G20 failed to come to any conclusion on trade imbalances or competitive devaluations. Instead, they issued a meek communique suggesting they would find a solution over the next year.

•There was, however, agreement on allowing countries to use measures to control capital inflows. Some of the countries hardest hit by hot money inflows will be able to use capital controls to defend themselves.

•The fall in Asian equities did not hurt Petronas Chemicals' IPO, which raised $4.1 billion through a share sale. Those shares were priced at the top of expectations, making Petronas the largest IPO in Southeast Asia.

•Eurozone growth slowed in Q3, with GDP falling to 0.4% from Q2's 1.0%. This is being blamed on weakness in the eurozone's fringe economies, pulling down more robust growth in Germany.

•Rolls Royce has agreed to fix engines it supplied to Qantas for A380 jets after one exploded last week. The company claims this will hit profit growth.

•Consumer sentiment data for November is released at 9:55 AM ET. It is expected to rise over October's final reading, to 69.

•Bonus: Russell Brand has described being married to Katy Perry as a "sitcom" where she has him under her thumb.

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  • FL.USA
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    FL.USA Sat Nov 13, 2010 01:25 am EST Report Abuse
    ALLWAYS BIG FISH EAT LITTLE FISH. THATS THE LAW OF NATURE. OK NOTHING NEW.
    2 PERCENT OF AMERICANS MADE THEIR AMERICAN DREAM , NOW ONLY 98 PERCENT HAVE TO WORK FOR IT TOO. THATS THE AMERICAN WAY ALSO.
    THE PROBLEM IS SIMPLE, THE 2 PERCENT CONTROL EVERYTHING. EXAMPLE : CONGRESS, FED GOVERNMENT, BANKS THEY OWN.
    SO CONCLUSION ; '' THE GOLDEN RULE OF AMERICA''

    THE ONES WHICH OWNS THE '' GOLD '' IS THE ONE WHO PUTS THE RULES, OK SIMPLE.
    2 PERCENT HAVE APROX. 58 TRILLION DOLLARS
    98 PERCENT HAVE APROX. 0 DOLLARS.
    SO SIT AND WAIT TO SEE WHATS NEXT. AND THE 98 PERCENT OF AMERICANS CAN NOT DO ANYTHING ABOUT ANYTHING. JUST TALK, WORK, PAY DEBT, AND WAIT UNTILL 2012 FOR THE NEXT 1/2 OF THE 2 PERCENT LUCKY AMERICANS TO COME IN AND REPEAT THE SAME STORY.
    THATS THE AMERICAN WAY, AND THE AMERICAN DREAM TOO. S I M PLE .
    GOD BLESS AMERICAN AND THE AMERICAN DREAM TOO.
    NOW SIT AND DESIDE ON WHICH SIDE OF THE DREAM YOU LIVE AT. OK
    GOOD LUCK, AND KEEP DREAMING.
    PRAY FOR A BETTER AMERICA IN 2012 AND DO NOT LOOSE HOPE , N E V ER ..

    by the way , I AM IN THE 98 PERCENT GROUP TOO. OK. NOT NICE .
    THANK YOU.
  • Spicy Bacon
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    Spicy Bacon Fri Nov 12, 2010 11:01 am EST Report Abuse
    It's great now two party are going to have to disagree about the tax thing. Democrats raising Tax rates in the prior congress would have been insane for this recovery. The govt takes in 3 trillion per year in taxes. 60 percent goes to social welfare programs- the illegal aliens cost a lot of money for their free healthcare n welfare checks- 20 percent goes to military.the other 20 goes to misc programs. Thank god the republicans are now in congress and they have to work this out. But I'm not into one dem party in congress increasing the already taxing issue. I'm a libertarian and neither is my choice however I don't like an all democratic do it my redistribution of wealth way.
  • Spicy Bacon
    0 users liked this comment Please sign in to rate this comment up. Please sign in to rate this comment down. 0 users disliked this comment
    Spicy Bacon Fri Nov 12, 2010 11:00 am EST Report Abuse
    It's great now two party are going to have to disagree about the tax thing. Democrats raising Tax rates in the prior congress would have been insane for this recovery. The govt takes in 3 trillion per year in taxes. 60 percent goes to social welfare programs- the illegal aliens cost a lot of money for their free healthcare n welfare checks- 20 percent goes to military.the other 20 goes to misc programs. Thank god the republicans are now in congress and they have to work this out. But I'm not into one dem party in congress increasing the already taxing issue. I'm a libertarian and neither is my choice however I don't like an all democratic do it my redistribution of wealth way.
  • Aleksandr
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    Aleksandr Fri Nov 12, 2010 10:25 am EST Report Abuse
    error
  • Tex
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    Tex Fri Nov 12, 2010 09:48 am EST Report Abuse
    What we need to know today for a good laugh: With the initial results from the deficit commission, the Republicans are in disarray over raising taxes & cutting spending; the Democrats are in disarray over raising taxes & increasing taxes; & the WH is in disarray over extending tax cuts. It doesn't get any better than this!
  • A Yahoo! User
    2 users liked this comment Please sign in to rate this comment up. Please sign in to rate this comment down. 0 users disliked this comment
    A Yahoo! User Fri Nov 12, 2010 09:25 am EST Report Abuse
    The rigged casino market needs more BAILOUT TARP and QE2. Bankers and wall street love there welfare checks for bad bets placed. If the US economy has 12-15 Trillion in national debt....imagine the bets if the BIS says the derivatives fraud is 1400 Trillion. Bloomberg news is quoting 28 Trillion in derivatives fraud...
  • Ken
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    Ken Fri Nov 12, 2010 09:18 am EST Report Abuse
    Football scores!
  • ALL TRUTH
    1 users liked this comment Please sign in to rate this comment up. Please sign in to rate this comment down. 2 users disliked this comment
    ALL TRUTH Fri Nov 12, 2010 09:16 am EST Report Abuse
    I am NUMBER ONE, and I command you ALL TRUTH to stop posting your useless garbage!
  • John
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    John Fri Nov 12, 2010 09:05 am EST Report Abuse
    ALL TRUTH - What is that garbage? The Da Vinci Code????
  • ALL TRUTH
    0 users liked this comment Please sign in to rate this comment up. Please sign in to rate this comment down. 6 users disliked this comment
    ALL TRUTH Fri Nov 12, 2010 08:57 am EST Report Abuse
    COUNTDOWN TO NUMBER ONE <> PROVERBS 1:1-10, <> 1:23-30, <> 2:1-7, <> 3:1-13, <> 6:16-19, <> 9:10, <> 10:12, <> 10:21-22, <> 11:30, <> LUKE 15:10.

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