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Good morning. Here's what you need to know.
  • Asian markets were mixed in overnight trading with the Nikkei surging 1.37%. Europe is lower as concerns remain after the EU summit, and U.S. futures are lower ahead of the market open.
  • Italy sold €7 billion of one-year bills at a yield of 5.952%, down from 6.087% at a previous target. Italy met the maximum target for the one year-bills but demand was 1.92 times the amount on offer, compared with 1.99 times last month. Meanwhile, the yield on the Italian 10-year bond which had fallen below 5.8%, is back above the 6.5% mark. 
  • This morning Moody's reiterated its warning that the ratings of the entire Eurozone could be at risk in the absence of decisive policy measures at the EU summit. The ratings agency plans to revisit sovereign ratings of the euro area and EU countries in Q1 2012. 
  • The OECD has warned of a developed world funding crisis in 2012, as borrowing by industrialized governments is expected to reach $10.40 trillion in 2011 and is expected to increase further next year. The OECD also said the share of short-term debt issuance stayed at 44.00%, higher than the before the global financial crisis.
  • Time Warner Inc made a $1.3 billion all-cash offer for Endemol NV, the Dutch producer of "Big Brother" television show.
  • Dutch financial services company ING Groep has offered to re-purchase and exchange $7.7 billion of debt to boost its finances and meet regulators' demand for higher capital services. ING made three offers for seven tranches of debt securities with prices ranging from 58% to 87% of nominal value. 
  • Gold has fallen 2% since Friday, as investors opted for the U.S. dollar and moved out of commodities, over doubts about how much last week's measures  from the EU will change the region's problems. Gold for February delivery is down to $1,684.00 per ounce. 
  • The Indian rupee fell by 23 paise to a low of 52.26 per U.S. dollar, on demand for the U.S. dollar from banks and importers. Meanwhile October industrial production fell 5.1% from a year ago. 
  • Inspectors from the EU and IMF arrived in Greece today for another round of talks about crucial aspects of a new bailout plan for Greece, and to check on Athens' progress since its first rescue. Greek finance minister Evangelos Venizelos is scheduled to meet officials from the IIF at 7 AM ET to make progress on a voluntary debt restructuring.
  • The U.S. treasury budget for November will be revealed at 2 PM ET. Consensus is for a rise in the November deficit to $139 billion.