katie holmes
Image: Shuttershock

Good morning. Here's what you need to know.
  • Asian markets were down in overnight trading with the Seoul Composite plummeting 3.43% after the death of Kim Jong-il. Europe is higher, and U.S. futures are moderately higher after the market open.
  • North Korean leader Kim Jong-il has died at 69 according to the country's state media. His youngest son Kim Jong-un has been named the "Great Successor"
  • ECB president Mario Draghi has warned of the costs of a eurozone break-up. In an interview with the FT he said that there is no trade-off between fiscal austerity and growth and competitiveness. He also said that the latest liquidity measures to banks will not necessarily give banks incentive to buy eurozone bonds, in fact they might be used to finance small and medium enterprises. 
  • Euro-area finance ministers are meeting in Brussels today to discuss €200 billion in additional funding through the IMF and the mechanics of a fiscal compact. The conference call will see European officials try and meet a self-imposed deadline for drawing aid, and attempt to form new budget rules. 
  • Swedish car maker Saab has filed for bankruptcy after its owner Swedish Autmobile gave up repeated attempts at finding financing. The move came after General Motors vetoed a plan involving Chinese investor Zhejiang Youngman Lotus Automobile. General motors still licenses technology to  Saab, and has a small shareholding in the company.
  • Exxon Mobil Corp. is reportedly considering a £7 billion acquisition of Gulf Keystone Petroleum, a Kurdistan-focused oil and gas explorer. Exxon is  considering making an 800 pence per share bid for Gulf Keystone.
  • The housing market index for December will be released at 10 AM ET. Consensus is for the housing market index to hold steady at 20. 
  • Prince Alwaleed bin Talal has invested $300 million in Twitter through his Riyadh-based company Kingdom Holding. The Saudi investor already has stakes in Apple and Citigroup.
  • The U.S. Senate passed a two-month extension of the payroll tax-cuts on Friday but John Boehner, the speaker of the House, has said that he and his caucus are not behind the deal. Republicans are concerned that the extension would allow President Obama to continue making the tax-cut which has broad public support, as he fires up his election campaign.
  • Moody's downgraded the sovereign rating of Belgium from Aa1 to Aa3 with a negative outlook after the U.S. market's close on Friday. Moody's attributed the downgrade to uncertainty surrounding troubled bank Dexia.  This comes as everyone anticipates S&P's results on its downgrade review of 16 eurozone nations.