10 things you need to know before the opening bell

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

It's jobs day in America. At 8:30 a.m. ET we'll get the August jobs report. Economists estimate US companies added 217,000 nonfarm payrolls, bringing the unemployment rate down to 5.2% from 5.3% in July. Average hourly earnings are estimated to have climbed 0.2% month-over-month.

Why this jobs day matters. This is the last jobs report before the September 16-17 Federal Open Market Committee (FOMC) meeting, which is when many economist believe the Fed could hike interest rates for the first time since June 2006. "On a collective basis, we believe 'some' improvement will continue to be made on the labor front that will, in part, help justify a rate hike as early as the September FOMC meeting." Wells Fargo's Sam Bullard said.

Markets are tumbling. It's risk off in global markets. US futures are in the red with Dow futures down 152 points and S&P futures down 16 points. Europe is plunging with Britain's FTSE 100 down 1.6%, Germany's DAX down 1.7%, France's CAC 40 down 1.7%, and Spain's IBEX down 1.5%. Asia closed lower with Japan's Nikkei down 2.1%, Korea's Kospi down 1.5%, and Australia's ASX 200 down 0.2%. Chinese markets were closed for a holiday.

A crack in the German economy. Factory orders in Germany tumbled 1.4% in July, which was much worse than the 0.6% decline expected by economist. "The main hit came from export orders which fell 5.2% month-to-month, driven by a 9.5% plunge in non-Eurozone orders following a 6.1% increase in June," Pantheon Macroeconomics' Claus Vistesen noted. "The fall in export orders to non-Eurozone economies was chiefly driven by a 13.0% fall in the volatile capital goods sector, and we expect mean-reversion next month. We also expect mean-reversion in consumer goods orders which fell 6.3%, pulled down by a 19.5% month-to-month collapse in export orders to other Eurozone economies. Overall, this report confirms that the underlying trend is not as strong as implied by the surge in June."

G-20 finance ministers meet. Finance ministers and central bankers from the Group of 20 nations meet in Turkey to discuss the state of the world economy. Among expected talking points are the Federal Reserve and the prospect for tighter monetary policy via higher interest rates. "Emerging markets have voiced concern about the possibility and timing of rate hikes by the Federal Reserve but a G20 communique from a meeting of finance chiefs in Turkey will not urge the U.S. central bank against such moves, a delegate said on Friday," Reuters reported.

About monetary policy in Japan. Japan is among the developed nations employing ultra-easy monetary policy in its effort to stimulate growth and inflation. Currently, the IMF does not see a need for the Bank of Japan to be any easier than it already is. "The Bank of Japan does not need to expand monetary policy in October even if it cuts its growth and price forecasts, as long as inflation expectations are well-anchored, the IMF's mission chief for Japan said on Friday," Reuters reported.

Hedge fun manager Kyle Bass cranks up his war. Hedge fund manager J. Kyle Bass slammed US Patent and Trademark Office, after it blocked his attempt to challenge a patent held by drugmaker Biogen. "It appears to me, after the Biogen ruling, that Michelle Lee and the US Patent and Trademark Office are running a kangaroo court," Bass told Business Insider in a phone call Thursday. Read the whole story at BusinessInsider.com.

The world's largest hedge fund has got problems. "An $80 billion portfolio managed by hedge fund titan Ray Dalio's Bridgewater Associates and widely held by many pension funds slumped in August and some investors blame the strategy of such funds for the eruption in volatility that slammed stocks and commodities," Reuters Jennifer Ablan and David Gaffen reported. "Bridgewater's 'All Weather Fund' fell 4.2% in August and is down 3.76% so far this year, according to three people familiar with the fund's performance on Thursday."

Nouriel Roubini warns. The NYU economist known as Dr. Doom thinks it's a good idea to stay out of risky investments. "Volatility coming from China and slowdown in emerging markets and the uncertainty it implies for the U.S., Europe, Japan, and advanced economies is going to stay with us for the next few months," Roubini said in Italy. "You might want to go slightly underweight on risky assets like U.S. and global equity for the time being, and go more into long term government bonds that are going to see some higher returns."

US markets are closed Monday for Labor Day. Enjoy!