10 Things You Need To Know Before The Opening Bell

Mamta Badkar

 

Steffen Kugler/Getty Images

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

• Asian markets were mostly higher in overnight trading with the Shanghai Composite up 0.35 percent on expectations of policy easing, after Q1 GDP slowed. Europe is sharply lower and U.S. futures are modestly lower.

• China's GDP slowed to 8.1 percent in the first quarter, from 8.9 percent the previous quarter. Investors will now expect premier Wen Jiabao to loosen monetary policy. Meanwhile, Chinese industrial output grew 11.9 percent in March from a year ago beating expectations.

• JPMorgan announced Q1 earnings of $1.31 per share, on revenue of $27.42 billion beating expectations. Analysts were looking for $1.18 per share, on revenue of $24.1 billion. Meanwhile, Wells Fargo announced earnings of $0.75 per share, on revenue of $21.6 billion beating expectations.

• North Korea launched its multistage rocket on Friday at 7:39 a.m. local time, but the rocket fell apart minutes after it took off. Debris fell into the Yellow Sea about 100 miles west of Seoul.

• In more earnings news, Google reported earnings of $10.08 per share beating estimates of $9.64 after the closing bell yesterday. Revenue of $8.14 billion came in pretty much in line with expectations. The company also declared a dividend in the form of a special new non-voting form of stock.

• Italian industrial output fell for 0.7 percent month-over-month in February, falling for a second month. Austerity measures impacted the demand for manufactured goods cause production to fall 6.8 percent on a year-over-year basis.

• CPI data for March will be released at 8:30 a.m. ET, followed by consumer sentiment data for April. Consensus is for a 0.3 percent month-over-month rise in CPI and for the sentiment index level to hold steady at 76.2. 

• German inflation eased to 2.1 percent year-over-year in March, compared with 2.3 percent rise previous month. Inflation was pushed higher by energy prices which grew 6.7 percent and food prices which grew 3.1 on a year ago basis. 

• UK PPI increased 0.6 percent in March from the previous month driven by a 1.9 percent increase in raw material costs. Meanwhile, home prices in the UK rose 0.2 percent month-over-month in March. 

• Italy's biggest labor unions will protest prime minister Mario Monti's pension-system overhaul today. The pension plan was part of a $26 billion austerity package passed in January.