10 Things You Need To Know Before The Opening Bell

Matthew Boesler

 Nov. 5, 2012

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Tonia Sotiropoulou

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

• Asian markets fell in overnight trading, with the Nikkei 225 and the Hang Seng both off 0.5 percent. European markets are down across the board, with Spain down 1.3 percent. U.S. equity futures are slightly higher, with the Dow up 15 points and the S&P 500 up 1.2 points.

• Greece will hold a contentious vote over labor reform measures this week that need to be passed in order for the government to receive its next disbursement of bailout aid from international troika lenders. The controversial vote is expected to come down to the wire and is already rattling markets to begin the day's trading. 

• All eyes are on tomorrow's presidential election in the United States, and polls still indicate an extraordinarily close race. However, Barack Obama appears to have a decided advantage over Mitt Romney in the all-important electoral college vote.

• China HSBC services PMI data declined to 53.5 from 54.3 last month, indicating a slowing rate of expansion. U.K. services PMI fell to 50.6 from 52.2 last month, missing expectations of a drop to 52.0. 

• The ECB is investigating accusations that the collateral haircuts the central bank applied to Spanish debt were too low; i.e., the ECB may have given Spain easier lending standards than is permitted as part of its plan to help bail out Spanish banks. The charge was levelled by German newspaper Die Welt am Sonntag. 

• Berkshire Hathaway reported a 70 percent jump in quarterly earnings after the closing bell on Friday afternoon, led by investment appreciation and railroad profits. 

• Toyota boosted its 2012 profit forecast by 2.6 percent today, citing cost cuts and price increases that are finally beginning to offset strength in the yen.

• Shares of HSBC fell after the bank announced in its latest earnings report it would set aside an additional $800 million for fines related to the bank's involvement in an ongoing investigation into money laundering. That brings the total funds HSBC has set aside to deal with the incident to $1.5 billion.

• Gasoline prices in the United States are falling at their fastest levels in four years after Hurricane Sandy temporarily decreased demand for fuel. Other factors weighing on prices at the pump include a large drop in crude oil and the receding gasoline crisis in California.

• At 10 AM ET, ISM non-manufacturing composite index data are released in the United States. Economists expect a slight drop in the index to 54.5 from 55.1 last month, indicating a slowing rate of expansion.