10 Things You Need To Know Before The Opening Bell

Eric Platt

 Aug. 16, 2012

Anderson Cooper via Twitter

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

• Markets in Asia were mixed in overnight trade, with Japan's Nikkei up 1.8 percent. Shares in Europe are marginally higher and U.S. futures point to a positive open.

• U.K. retail sales improved 0.3 percent in July, compared to expectations for a 0.1 percent decline. Data showed that retailers cut prices during the period to lure customers in.

• Eurozone CPI remained unchanged in July, roughly 2.4 percent higher than the year ago period, new data from the Eurostat shows. On a sequential basis prices fell 0.5 percent, in line with analyst expectations. 

• German Chancellor Angela Merkel pushed for further austerity while traveling in Canada today. Merkel, who is facing pressure to ease terms of the bailout to periphery members like Greece, praised Canada for "not living on borrowed money." Merkel is expected to speak at a joint press conference later this morning. 

• MF Global executives are not expected to be charged with any criminal wrong doing over the firm's collapse and the disappearance of $1 billion in customer funds, The New York Times' Azam Ahmed and Ben Protess report. 

• Apple is in talks with a number of U.S. cable operators to let consumers use a set-top box built by the Cupertino, Calif., company to stream live television and other content, the Wall Street Journal's Jessica Vascellaro and Shalini Ramachandran report. Sources tell the Journal Apple has yet to strike any deals yet.

• Facebook's lockup ends today, allowing insiders to start selling shares in the social network. Roughly 268 million shares, or 10 percent of the outstanding base, can begin trading after markets open this morning. 

• Networking heavyweight Cisco Systems reported better-than-expected sales and earnings yesterday, as corporate spending in Asia and the U.S. remained strong. The company said it earned net income of $1.9 billion during its fiscal fourth quarter, or $0.47 per share.

• Neiman Marcus is considering going public as its private equity backers seek an exit, the Journal's Dana Mattioli reports. The company could be worth as much as $4 billion, below the $5.1 billion Warburg Pincus and TPG paid for it. 

• Initial jobless claims were roughly in line this week, with 366,000 filers against expectations for a 365,000 print. Meanwhile, building permits surged to a four year high pace of 812,000 units, even as housing starts declined 1.1 percent to 746,000 in July. Still to come at 10:00 a.m. is the Philly Fed manufacturing report, which is expected to improve to -5.

• Earnings on tap today include Walmart and the Gap. Already, Walmart beat earnings estimates by a penny, at $1.18, even as revenues missed expectations at $114.3 billion. Analysts are looking for the Gap to post earnings of $0.48 per share.