10 Things You Need To Know Before The Opening Bell Matthew Boesler

\ Nov. 13, 2012

Chris Jackson/Getty Images

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

• Asian markets fell in overnight trading, with the Nikkei losing 0.2 percent and the Shanghai Composite dropping 1.5 percent. European markets are down with the exception of Spain and Italy, both up 0.4 percent. In the United States, Dow futures are down 44 points and S&P 500 futures are down 6 points.

• Greece was granted a two-year extension by the EU to repay its current bailout loans. However, a consensus on how to fund additional aid to Greece, which runs out of money on November 16, according to its prime minister, has not yet been reached. 

• U.S. Treasuries are continuing their biggest rally in five months this morning after bond markets were closed yesterday. The move highlights fears over the fiscal cliff as congressional leaders prepare to meet with President Obama at the White House to discuss a deal. 

• The German ZEW index of economic sentiment unexpectedly fell to -15.7 versus expectations of a -10.0 reading. The release follows a string of worse-than-expected industrial data in the German economy, highlighting how the euro crisis slowdown is beginning to affect the core.

• U.K. inflation rose much faster than expected, coming in at 2.7 percent year-over year versus estimates of a 2.4 percent rise. The U.K. Treasury expressed disappointment toward the numbers.

• Home Depot reported adjusted earnings of $0.74 per share, higher than the consensus estimate of $0.70. Revenues rose 4.6 percent to $18.1 billion. The CEO said the strong earnings were driven by “the start of the path toward the healing of the housing market.”

• Top executive Steven Sinofsky is leaving Microsoft after tensions with fellow execs came to a head. Sinofsky oversaw the company's flagship Windows division, and he was considered to be a possible successor to CEO Steve Ballmer. Julie Larson-Green will replace Sinofsky. 

• The sex scandal involving former CIA director David Petraeus has now embroiled other top military brass, namely, General John Allen. The father of Paula Broadwell, the biographer at the center of the Petraeus scandal, says the whole story is about "something else entirely" and that the truth will all eventually come out.

• Local prosecutors in an Italian town are attempting to take several employees of the rating agency Fitch to trial for allegedly leaking information of coming downgrades to Italian sovereign credit during market hours, which they say caused steep losses on exchanges.

• Today is quiet on the economic data front in the United States. NFIB Small Business Optimism rose to 93.1 from 92.8, just head of expectations of a 93.0 reading. IBD/TIPP Economic Optimism is released at 10:00 AM ET.