10 Things You Need To Know Before The Opening Bell

Mamta Badkar

 Sep. 5, 2012

SPE Inc./Jeremy Jackson via Getty Images

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

• Asian markets were selling off in overnight trading with the Nikkei down 1.09 percent, falling to a 5-week low on concerns of a global economic slowdown. Europe is mixed and U.S. futures are modestly lower.

• Demand for German debt was weak, as the country sold just €3.61 billion in 10-year bunds, below the €5 billion target. Analysts said demand was weak ahead of the European Central Bank meeting at which the central bank is expected to unveil a bond buying program, according to CNBC.

• Facebook announced a $2 billion share buyback at less than half the IPO price after the closing bell yesterday. CEO Mark Zuckerberg said he will not sell any more stock for a year.

• Australian second quarter GDP grew 0.6 percent quarter-over-quarter, from a revised 1.4 percent in the first quarter. The Australian economy was impacted by weakness in its housing sector. 

• German services PMI contracted in August, falling to 48.3, from 50.3 in July. The German composite PMI declined to 47.0 in August, from 47.5 the previous month.

• Michelle Obama took to the stage at the Democratic National Convention last night. The First lady reiterated the campaign's argument that President Obama understands the problems of everyday Americans better than Republican hopeful Mitt Romney, and said Obama is committed to rebuilding the economy.

• The Shanghai Composite hit a new closing low again, declining 0.3 percent in overnight trading to close at 2,037.68. 

• A second reading of productivity and costs for the second quarter will be released at 8:30 a.m. ET. Consensus is for a 1.9 percent quarter-over-quarter (QoQ) increase in nonfarm productivity and 1.4 percent increase in unit labor costs.

• Nokia is unveiling its smartphone based on Microsoft's Windows Phone 8 today. The company is also expected announce the changes it has made after it spent billions in research and development to improve smartphones.

• Russia's second largest mobile phone operator is closer to listing in London. MegaFon is hoping to announce an initial public offering worth $4 billion, the world's biggest IPO since Facebook, according to Reuters.