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Good morning. Here's what you need to know:
  • Asian indices were up in overnight trading, with the Nikkei up 1.93%. European markets opened mixed, however, and U.S. futures are slightly lower.
  • China's PMI came out last night, marking a disappointing drop to 49.0 for the month of November, below the 49.8 analysts expected. That's down from 50.4 in October. Any number below 50 signals a contraction. Click here to see 16 facts about China that will blow your mind >

  • Spain and France sold a collective $10.9 billion in government bonds this morning. Spain sold $5.04 billion at its highest yields every, however France auctioned off $5.78 billion in bonds with 10-year yields at 3.18%—less than in their previous auction.

  • Weekly jobless claims numbers come out at 8:30 AM ET this morning. Initial claims are expected to fall from 393K last week to 390K this week.

  • Belgium struck a deal to form a coalition that would end a 536-day political stalemate. French-speaking Socialist politician Elio De Rupo is expected to become Prime Minister, leading a six-party coalition. The country has come under fire after an S&P downgrade last week, and will try to take action to curb its public debt.

  • An investment group led by Alibaba will reportedly bid around $20 a share to take over Yahoo. This follows an alleged offer of about $16 per share by Silverlake and Microsoft.

  • European Central Bank president Mario Draghi addressed European Parliament in Brussels today, signaling that the ECB would limit sovereign bond purchases but suggesting that more radical action—potentially even without treaty change—could be ahead.

  • The ISM index for November and construction spending numbers for October are due out at 10 AM ET. Consensus is for ISM to rise to 51.0 from 50.8 last month, and construction spending is expected to grow by 0.3% versus growth of 0.2% last month.

  • The Financial Times reported today that U.S. President Barack Obama is in "morbid fear about a eurozone meltdown." He has escalated his calls for coordinated action by EU leaders in recent days.

  • Total and domestic vehicle sales numbers for December are due out at 3 PM ET today. Both are expected to rise, domestic to 10.4 million and total sales to 13.4 million.