10 Things You Need To Know Before The Opening Bell

Mamta Badkar

 May 11, 2012

Jason Merritt/Getty Images

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

• Asian markets were down in overnight trading with the Hang Seng falling 1.30 percent after weak data out of China. Europe is selling off and U.S. futures are lower.

• Chinese industrial production growth fell to 9.3 percent year-over-year (YoY)  in April, from 11.9 percent the previous month raising concerns about weakness in the economy. Meanwhile, CPI rose 3.4 percent YoY in April, though food inflation was up 7 percent.

• JPMorgan CEO Jamie Dimon announced yesterday that the bank lost $2 billion in trades in the credit markets and part of this loss was because of trader Bruno Iksil, the so-called London Whale. Dimon called the loss an "egregious mistake" and JPMorgan's shares are down in pre-market trading. 

• Despite hopes for a breakthrough in Greece's political impasse yesterday when the Democratic Left shifted support away from the leftist Syriza party, latest reports indicate that Greece still can't form a government. Markets are selling off on the news, and if Greece fails to form a coalition government, the country will face new elections in June.

• PPI data for April will be released at 8:30 a.m. ET, followed by consumer sentiment for May at 9:55 a.m. ET. Expectations are for a 0.2 percent increase in core PPI and a drop in the sentiment index to 76.2. 

• German utility company E.ON AG is close to selling its gas-transmission network, Open Grid Europe, for $4.14 billion to a consortium led by Macquarie Group Ltd.'s infrastructure funds, according to Dow Jones Newswires.

• The UK's economic slump may be worse than expected as building output tumbled 4.8 percent in the three months through March. Expectations were that the construction number would be revised up. Meanwhile, an index measuring consumer sentiment fell to 44 in April, from 53 the previous month.

• The European Commission forecast that the eurozone economy will shrink 0.3 percent this year. It also said Spain is likely to have a budget deficit of 6.4 percent in 2012, missing the EU target. 

• Hong Kong reported weak 0.4 percent GDP growth in the first three months of 2012, down from 3 percent the previous quarter. Exports fell by 5.7 percent.

• Indian factory output unexpectedly contracted in March, with production at factories, utilities and mines shrinking 3.5 percent YoY. The latest data point is likely to fuel concerns that India's economic outlook has deteriorated.