britney spears
Image: AP Images

Good morning. Here's what you need to know.
  • Asian markets were mixed in overnight trading with the Bombay Stock Exchange up 2.20%. Europe and the US markets are surging on fresh Eurozone hopes, and optimism about jobs data.
  • Better than expected economic data over the last few months led analysts to expect a jump in non-farm payrolls to 125K or more for the month of November, but that missed slightly coming to 120K from 80K previously. Unemployment fell to 8.6% surprising analysts and beating expectations.
  • More details from a possible 'grand plan' for the Eurozone are emerging ahead of the EU summit in Brussels next week. The deal is expected to call for a 'fiscal compact' among the 17 eurozone members to enforce budget discipline and debt control. Other key measures include a reinforced firewall to stem contagion within the eurozone, and national measures to restore faith in the markets. 
  • Eurozone producer price inflation (PPI) climbed 5.5% year-over-year in October, after rising 5.8% the previous month. PPI grew at its slowest pace since December 2010, as European companies are under pressure to lower costs as the European debt crisis continues. In Germany, PPI slowed to 5.3% in October, while in France PPI climbed to 5.8% and Spain posted a 6.5% increase n princes. 
  • Italian bonds rose for a third-day amid talk of a deal that would lead to more ECB assistance. The 10-year Italian yield fell 21 basis points to 6.44% earlier today, while the Spanish 10-year government yield fell 24 basis points to 5.50%.
  • The Senate Democrat and Republican plans to extend the payroll tax cut failed to pass after two evening votes, as Congress remains divided on how to pay for the measure. The Democratic plan which called for a 3.25% surtax on incomes over $1 million failed 51-49, while the Republican plan was beat by a 20-78 margin, showing that most Republicans opposed the plan put forth by their leaders.
  • In tech news, Blackberry maker RIM said it no longer expects to meet its full year adjusted earnings guidance of $5.25 - $6.00 per diluted share. The company said it is committed to tablet market and now expects Q3 earnings per share to be at the low to mid-point of its $1.20 - $1.40 per share guidance. Meanwhile, Zynga has put an initial price range of $8.50 - $10.00 per share on its IPO.
  • Honda Motor has recalled 304,035 cars worldwide for faulty air bags that could burst because of a problem with the air bag inflators. This would be the sixth recall in three years, and the problem is said to have caused 20 injuries.
  • Canadian unemployment data came in worse than expected. The country shed 18,600 jobs against expectations of 20,000 new jobs. Meanwhile, The number of people claiming unemployment benefits in Spain rose for the fourth consecutive month. Unemployment benefit claims rose by 53,536 in November, from the previous month, taking the total to 4.4 million.
  • In a further sign of stress in European financial markets, ECB's overnight lending to European banks jumped to €8 billion, the highest since March. Nearly all, except the strongest banks, struggled to get funding from the markets. Banks have to pay nearly 2% to borrow from the ECB, compared with 0.74% from the markets.