10 Things You Need To Know Before The Opening Bell

Eric Platt

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Ian Gavan/Getty Images

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

 

• Markets in Asia rallied in overnight trading, with China's Shanghai SE Composite up 1.7 percent. That did not translate to Europe, where shares are mixed. U.S. futures point to a negative open.

• The European Central Bank said that overnight deposits held at its facilities soared to a record €776.9 billion, or $1.03 trillion, a day after it held its three-year LTRO. This is a substantial rise from the €475.2 billion held at the central bank the day before. Banks receive 0.25 percent on deposits.

• Saudi Arabia denied claims that an oil pipeline exploded in the country, sending oil futures down 0.9 percent. News sent prices to a 10-month high, with a barrel of crude trading above $110 for the first time since May 2011.

• Japanese consumer prices fell for the fourth consecutive month, indicating the Bank of Japan may need to step in to avoid deflationary pressures. Household spending also declined 2.3 percent year-on-year to ¥283,118, or $3,500.

• Manufacturing expanded for the first time in seven months in South Korea, new data shows. A reading by HSBC showed PMI increased to 50.7 in February, up from 49.2 in January. However, a declining backlog of orders suggests that production is outpacing new orders. 

• Eurozone producer prices increased at a faster clip than economists predicted in January. PPI in the 17 nation region rose 0.7 percent during the month, 20 basis points ahead of expectations, and stood 3.7 percent above year ago levels. The monthly growth was the slowest rate in more than a year.

• Auto sales in the U.S. improved at a substantial pace, with the seasonally adjusted annual rate of sales hitting 15.1 million. The Detroit-Three all posted sales gains, led by Chrysler's 40 percent jump. This was the first time the sales pace topped 15 million in four years.

• The only U.S. announcement scheduled for the day is ISM New York at 9:45 a.m. The reading last increased to 60.1 in January from 51.7 a month earlier. A reading above 50 indicates expansion.

• Yelp priced shares of its initial public offering at $15, above expectations it set at $12 to $14 a share. The social review service will offer 7.15 million shares, giving it a market cap of $899 million.

• Canadian GDP will be announced at 8:30 a.m.  Analysts expect the country's economy expanded by 0.3 percent in December.