10 Things You Need To Know Before The Opening Bell
Feb 12, 2014, 17:41 IST
- The Republican-controlled House of Representatives passed a "clean," no-strings-attached bill to raise the debt ceiling through March 2015. It's expected to be approved by the Democrat-controlled Senate in the coming days. An interesting detail from BI politics reporter Brett LoGiurato: "House Speaker John Boehner (R-Ohio) cast a rare vote in favor of the legislation. In a surprising vote against leadership, House Budget Committee Chair Paul Ryan (R-Wis.) voted 'no.' "
- China exports climbed 10.6% year-over-year in January, crushing forecasts of 2%. Imports also trounced expectations, rising 10% versus 3% expected. Trade growth was "much stronger than we had expected," said RBS economist Louis Kuijs in a report. "This should make markets more relaxed about both global demand and demand in China's own economy.
- The Bank Of England raised the UK's 2014 GDP Forecast to 3.4% from 2.8%, based on reduced uncertainty and falling unemployment.
- Eurozone industrial production fell 0.8% year-over-year in 2013. And it fell 0.7% month-over-month in December.
- Australian consumer confidence declined for the third-straight month on fears of a jobless recovery.
- Markets are rallying around the world, led by Hong Kong's Hang Seng at 1.47%.
- Bitcoin prices are off yesterday's lows, after a worldwide hack caused most major exchanges to temporarily halt withdrawals. Prices are now $648 according to Coindesk. As we reported last night, although such an attack seemed to undermine one of Bitcoin's key premises - that the cryptocurrency was immune to such a coordinated assault - Bitcoin evangelists remain mostly unfazed.
- Toyota announced a global recall of 1.9 million Priuses because of faulty software that could cause the vehicle to slow down suddenly. It's the largest ever recall for the hybrid car.
- Agriculture and construction equipment maker Deere earnings came in at $1.81 versus $1.53 expected. Cisco and Whole Foods also report.
- There is no major economic data being released today. The Treasury will release its monthly budget report at 2 p.m.