10 Things You Need To Know Before The Opening Bell

Eric Platt

 Aug. 15, 2012

Jeff Bottari/Getty Images

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

• Markets in Asia sold off in overnight trade, with Hong Kong's Hang Seng off 1.2 percent. European markets are lower and U.S. futures point to a negative open.

• The Bank of England's Monetary Policy Committee voted 9-0 to keep its benchmark interest rate and asset purchasing program unchanged. The central bank will maintain its asset program target at £375 billion pounds.

• Jobless claims in the U.K. fell unexpectedly in July as the London Olympics fueled employment. Unemployment numbers dropped by 5,900 during the month, compared to expectations for a 6,000 increase. 

• The Malaysian economy expanded by 5.4 percent in the second quarter, surpassing expectations for a narrower 4.6 percent increase. Stronger growth was attributed to higher domestic demand and private and public spending.

• Standard Chartered shares rallied after it settled charges with the New York State Department of Financial Services over allegations it cleared transactions for Iranian customers, against U.S. law. The bank will pay a fine of $340 million to the New York regulator and it will be forced to monitoring by the agency for at least two years. 

• The New York Times Company named outgoing BBC director general Mark Thompson its new CEO. The Times has operated without a chief since Janet Robinson departed eight months ago. Thompson will begin in November of this year. 

• Earnings on tap today include Cisco and Target. Analysts polled by Bloomberg expect the technology firm to post earnings per share of $0.46. Target is forecast to report earnings per share of $1.00. 

• Major retailers are expected to announce plans today to develop a mobile payment network in an effort to take on Google's Wallet, the Wall Street Journal's Robin Sidel reports. The retailers include Walmart, Target, and 7-Eleven. 

• U.S. economic announcements kick off with the July CPI and August Empire Fed reports at 8:30 a.m. Economists forecast CPI advanced 0.2 percent sequentially while the regional Fed manufacturing report remains roughly unchanged at 7.0. Industrial production follows at 9:15 a.m., with forecasts for a 0.5 percent improvement in July. 

• A fuel tanker strapped with a bomb exploded near a Damascus hotel wounding three people, Syrian state media reported today. The hotel was being used as the headquarters of United Nations observers in the country.