10 Things You Need To Know Before The Opening Bell

MIKE BIRD

 NOV. 6, 2014

REUTERS/Luke MacGregor

Participants in costumes hold burning torches as they take part in one of a series of processions during Bonfire night celebrations in Lewes, southern England November 5, 2014.

Good morning! Here’s what you need to know.

The ECB Meeting Is Coming.The big economic calendar event today is the European Central Bank’s rates decision, and Mario Draghi’s press conference. Economists expect no change in policy. However, the post-meeting presser could reveal clues about further easing actions. Here’s everything you need to know.

The Bank Of England Stays Put. The Bank of England kept its benchmark interest rate unchanged at 0.50% and its asset purchase program target at 375 billion pounds.

German Factory Orders Were Awful Again. The eurozone’s biggest economy recorded a measly 0.8% boost to factory orders for September. Analysts had expected a 2.3% rise, which would have partly counteracted August’s 5.7% collapse.

Markets Are Down. In Asia, Japan’s Nikkei closed down 0.8% and Hong Kong’s Hang Seng fell 0.2%. European markets are slightly down with Britain’s FTSE 100 down 0.3% and France’s CAC down 0.1%. US futures are unchanged.

US Data. At 8:30 a.m. ET, we’ll get the latest weekly tally of initial unemployment insurance claims. Economists estimate the pace of weekly claims fell to 285,000 from 287,000 a week ago. “Initial claims have been below 300k for seven consecutive weeks and continuing claims have been steadily trending lower, suggesting solid improvement in labor market performance,” Nomura economists said.

Tesla Surges. Electric car maker Tesla reported a $0.02 profit per share, beating expectations for a breakeven quarter. Shares are up by 6% in pre-market trading.

Whole Foods Goes Bananas. Grocery chain Whole Foods announced earnings of $0.35 per share, beating expectations for $0.32 per share. This was driven by a 3.1% gain in same-store sales. The stock is up by 9% in pre-market trading.

Luxembourg’s Alleged Secret Tax Deals With Massive Firms Have Been Leaked. Hundreds of the world’s biggest companies reportedly brokered secret deals with Luxembourg to avoid paying billions of dollars in tax according to a trove of leaked documents published by an investigative journalism group.

Dealogic Is Being Bought For $700 Million. Carlyle Group LP said it would partner with other investors to buy US-based financial data provider Dealogic. 

News Corp Revenues Are Up 4%. News Corp, publisher of the Wall Street Journal, the Sun, and the Times, reported a 4% rise in quarterly revenue, helped by higher sales at its book publishing and online real estate services businesses.