10 Things You Need To Know Before The Opening Bell

10 Things You Need To Know Before The Opening Bell

Good morning. Here's what you need to know. Markets in Asia largely sold off in overnight trading, with Hong Kong's Hang Seng off 0.5 percent. Shares in Europe bucked that trend, heading higher, and U.S. futures point to a positive open. Chinese manufacturing continued to decline in May, flash estimates out of HSBC shows. The headline number fell to 48.7 during the month from 49.3 in April. A reading below 50 indicates contraction. The U.K. economy contracted at a greater rate than earlier estimates, falling 0.3 percent in the first quarter. An initial reading from the Office of National Statistics showed a 0.2 percent drop. A key index measuring Germany's business climate fell to 106.9 from 109.9 a month earlier. Economists expected a decline to 109.4. The New York Stock Exchange has made a pitch to Facebook to switch stock exchanges after the Nasdaq poorly executed the IPO, Fox Business News' Charles Gasparino reports. The NYSE has denied the reports. The Royal Bank of Canada missed earnings expectations this morning, posting EPS of C$1.17 on weak M&A activity. Better news out of TD Bank, which posted earnings of C$1.82, four cents ahead of forecasts.  The parent company of T-Mobile USA does not believe a sale of the wireless company is likely after AT&T's purchase-attempt failed. Deutsche Telekom CEO Rene Obermann said the firm would look for long-term solutions for the fourth-place carrier. Hewlett-Packard announced some 27,000 job cuts, or 8 percent of its workforce, after the closing bell yesterday. The news came at the same time the company beat earnings expectations, posting earnings per share of $0.98 against forecasts for $0.91. U.S. economic announcements kick off at 8:30 a.m. with the initial jobless claims and durable goods reports.  Expectations are for claims to remain flat at 370,000, while orders pick up 0.2 percent in April. At 8:58 a.m. the first ever flash U.S. PMI will be released for May. Costco beat earnings expectations this morning as membership fees increased 9.2 percent. The retail giant reported earnings of $0.88 per share, a penny ahead of estimates. Luxury jeweler Tiffany missed forecasts and cut guidance, reporting earnings per share of $0.64, a nickle below consensus.