10 Things You Need To Know Before The Opening Bell

Eric Platt

Larry Busacca/Getty Images

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

• Markets sold off in overnight trading in Asia, with Japan's Nikkei declining 1.1 percent. Shares in Europe are marginally higher and U.S. futures point to a positive open.

• U.S. economic announcements kick off at 8:15 a.m. with the ADP jobs report. Economists forecast payrolls expanded by 150,000 in May, an increase from April's 119,000 gain. The second GDP reading and initial jobless claims hit at 8:30 a.m.  Expectations are for economic expansion to be revised 30 basis points lower in the first quarter to 1.9 percent growth. Initial claims are projected at 370,000. 

• Japanese industrial production increased by 0.2 percent in April, below forecasts for 0.5 percent growth. The data from the Ministry of Economy, Trade and Industry also showed manufacturers expect output to decline by 3.2 percent in May, before adding 2.4 percent in June.

• India's economic expansion slowed to 5.3 percent during the first three months of 2012, well below expectations for 6.1 percent growth and the smallest increase since 2008.

• Consumer confidence in the United Kingdom increased slightly in May, up two points to -29. The survey out of GfK NOP showed the first increase in four months, although the index remains in negative territory for 18 months now.

• Germany's unemployment rate declined to 6.7 percent in May, better than expectations for no change. However the total number of people unemployed was flat; economists had forecast 7,000 fewer Germans without jobs.

• Euro-area inflation declined in April to an annualized increase of 2.4 percent, 10 basis points below forecasts. Part of the decline was attributed to declines in crude prices. 

• Ireland will vote today on whether to adopt the fiscal compact, part of a new EU treaty, which would impose automatic sanctions on countries that failed to cut debts and deficits if public debt remains above 60 percent.

• JP Morgan's Chief Investment Office used different swaps pricing than its own investment bank, possibly obscuring the significance of the trading loss before it was announced, Bloomberg's Matthew Leising, Mary Childs and Shannon Harrington report. 

• Kayak is re-evaluating investor appetite before its IPO after Facebook's first few days of trading largely disappointed investors. The company, which is also using Morgan Stanley as its lead bank, did not launch its roadshow over the Memorial Day holiday as expected.