10 Things You Need To Know Before The Opening Bell

Mamta Badkar 

 21 minutes ago 

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Jason Merritt/Getty Images for WIF

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

 

• Asian markets were mixed in overnight trading with the Shanghai Composite down 0.10 percent after a drop in PMI. Europe is deep in the red and U.S. futures are pointing to a lower open.

• The HSBC flash manufacturing PMI for China slipped to 48.1 in March from 49.6 a month ago. A reading below 50 indicates contraction.

• The composite Markit eurozone PMI for March fell to 48.7, from 49.3 the previous month, missing analyst expectations for a rise to 49.6. Meanwhile, Germany which is considered to be the strong arm of Europe, saw its manufacturing PMI drop to 48.1 in March, from 50.2 in February.

• Japan reported a February trade surplus of 32.9 billion yen. Analysts had expected a deficit of 120 billion yen

• Initial jobless claims will be released at 8:30 a.m. ET, followed by the FHFA house price index for January at 10 a.m. ET. Consensus is for a rise in jobless claims to 352K and a 0.4 percent month-over-month increase in the house price index.

• Diamond Foods said it is suspending dividend payments as part of a deal with lenders to revise its credit agreement. The company will continue to have access to its existing revolving credit facility through June 18.

• In earnings news, ConAgra Food is expected to announce Q3 earnings of $0.49, while FedEx is expected to report Q3 earnings of $1.35 per share. Lululemon announced Q4 diluted earnings of $0.51 per share, on revenue of $371.5 million.

• UK retail sales fell 0.8 percent month-over-month in February, worse than expectations of a 0.5 percent decrease. Sales in specialty stores and clothes sales led the decline.

• Reuters is reporting that an al-Qaeda inspired gunman who killed seven people in Toulouse, France is dead. The gunman had boasted of bringing France to its knees.

• Ireland's central bank governor is expected to ask the ECB today for permission to delay a cash payment on its banking debt. Ireland wants to issue a long-term bond to settle a €3.1 billion promissory note payment that is due next week.