10 Things You Need To Know Before The Opening Bell
Dec 17, 2013, 17:55 IST
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- Markets in Asia were mixed in overnight trading. The Japanese Nikkei 225 rose 0.8%, the Hong Kong Hang Seng fell 0.2%, and the Shanghai Composite closed 0.5% lower. European markets are in the red, with France leading the way lower, currently down 0.8%. In the United States, futures point to a flat open.
- Japan announced plans Tuesday to boost military spending 2.6% over the next five years, reversing a decade of decline in a bid to counter Chinese influence in the Asia-Pacific region. "China is attempting to change the status quo by force in the skies and seas of the East China Sea and South China Sea and other areas, based on its own assertions, which are incompatible with the established international order," Japan said in one of three plans approved on Tuesday.
- Russia will begin supplying oil to Ukraine's Odessa refinery for the first time in three years. The decision comes in the wake of mass protests in Ukraine over the government's failure to sign a trade deal with the EU. As Reuters reports, "The plan to resume supplies by pipeline to the Odessa refinery could be a reward for Ukraine keeping the EU at arm's length and opting instead to revive economic ties with its former Soviet master Moscow."
- British consumer prices continued to rise 0.1% from the previous month in November, defying economists' expectations for an acceleration to 0.2% growth. As such, the year-over-year inflation rate unexpectedly fell to 2.1% from 2.2%. The year-over-year inflation rate of core consumer prices (which exclude food and energy prices) rose to 1.8% from 1.7%.
- The headline index of the monthly ZEW survey of German economic sentiment jumped to a 7-year high of 62.0 in December from November's 54.6 reading, well above expectations for a tick up to 55.0. The "current situation" gauge advanced to 32.4 from 28.7.
- Eurozone consumer prices continued to fall 0.1% from the previous month in November, leaving the year-over-year inflation rate unchanged at 0.9%. The year-over-year inflation rate of core consumer prices unexpectedly fell to 0.9% from 1.0%.
- Due out at 8:30 AM ET are November U.S. consumer prices data. Economists predict consumer prices rose 0.1% in November after falling 0.1% in October, bringing the year-over-year inflation rate to 1.3% from 1.0%. Core consumer prices are expected to have continued advancing at a 0.1% rate last month, leaving the core inflation rate unchanged at 1.7%.
- U.S. current account data for the third quarter are also released at 8:30 AM. Economists predict the current account deficit widened slightly to $100.5 billion in Q3 from $98.9 billion.
- The NAHB's monthly Housing Market Index release rounds out the economic data at 10 AM. Economists predict the index advanced to 55.0 in December from November's 54.0 reading. Follow all of the data LIVE on Business Insider »
- The combined market capitalization of the world's major stock markets hit is now at an all-time high. At the end of November, the total value of equities in 58 major stock markets reached $63.4 trillion, surpassing the previous peak of $62.8 trillion reached in October 2007.