10 Things You Need To Know Before The Opening Bell

Mamta Badkar

 Jan. 17, 2013

Stephen Lovekin/Getty Images for 20th Century Fox

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

• Asian markets were mixed in overnight trading with the Shanghai Composite off 1.06 percent. The decline in Chinese stocks was led by financial and industrial companies. Europe is mostly higher and U.S. futures are drifting higher.

• In earnings news, Bank of America reported earnings of $0.03 per share, on adjusted revenue of $19.61 billion dollars, with revenue missing expectations. The bank had 14,601 fewer employees at the end of 2012, compared to a year ago.

• Meanwhile, Citigroup missed expectations when it reported earnings of $0.69 per share, on revenue of $18.66 billion. Net interest margin expanded to 2.93 percent. The stock is down 2.5 percent in pre-market trading. 

• The Spanish Treasury auctioned €4.5 billion of bonds maturing in 2015, 2018, and 2041, meeting the top end of its target. Borrowing costs declined at the auction.

• Reports for December housing starts for and initial jobless claims will be out at 8:30 a.m. ET. Consensus is for starts to rise to a pace of 887,000  and for initial claims to to fall to 368K. Meanwhile, the Philadelphia Fed Survey for January is out at 10 a.m. ET. Consensus is for the general business conditions index to decline to 6.

• Singapore's non-oil domestic exports fell 16.3 percent year-over-year in December, the most since October 2011. For the year, exports were up 0.5 percent.

• Boeing is down nearly 3 percent in pre-market trading. And Air India became the latest airline to ground its 787 flights. This comes after the FAA forced American airlines to ground their fleet until the battery related problems were investigated. Japan and Europe have already grounded their 787 Dreamliners.

• Rio Tinto's CEO Tom Albanese has exited the company as the company announced a $14 billion writedown in connection with his two most significant acquisitions, Mozambican coal and the Alcan aluminum group, according to Reuters. 

• Some hostages have escaped from a remote Algerian gas plant where they were being held hostage by Islamist gunmen calling for a stop to a French military campaign against Mali.

• The Australian economy shed 5,500 jobs in December, missing analyst estimates for a 4,000 gain. The unemployment rate climbed to 5.4 percent. For the year, Australia added 148,300 payrolls last year after a 49,800 gain in 2011 making it the two worst years for job growth since 1997, according to Bloomberg.