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 Good morning. Here's what you need to know. - Markets in Asia were higher in overnight trading. The Japanese Nikkei 225 rose 2.1%, the Hong Kong Hang Seng rose 0.8%, and the Shanghai Composite advanced 0.6%. European markets are rallying with the exception of the Spanish IBEX 35 and the Italian FTSE MIB. In the United States, futures point to a positive open.
- Janet Yellen faces the Senate Banking Committee at 10 AM ET in a hearing to confirm her as the next Federal Reserve chair. Analysts don't expect her to say anything new. However, this is the first time Yellen will speak publicly about monetary policy since April. The full text of her prepared remarks was published Wednesday.
- Japanese GDP rose at a 1.9% annualized rate in the third quarter, according to the preliminary estimate. The figure marks a slowdown from Q2's 3.8% pace of growth, but economists were expecting a slightly sharper slowdown to 1.7%. "To sum up, the domestic-demand driven component of the positive growth in the July-September quarter was much more significant than projected as robust domestic demand (a 0.9ppt positive contribution) compensated for the negative impact of external demand (a 0.5ppt negative contribution)," say BofA Merrill Lynch economists Masayuki Kichikawa and Setsuko Yamashita.
- Eurozone GDP rose 0.1% in Q3 according to the first estimate, in line with expectations but down from Q2's 0.3% pace of growth. Q3 GDP was still 0.4% below last year's levels, worse than estimates for a year-over-year decline of 0.3%. Looking at the three biggest economies in the eurozone, German GDP rose 0.3% in Q3, in line with expectations but below Q2's 0.7% rate of expansion. French GDP unexpectedly contracted by 0.1% after expanding at a 0.5% rate in Q2. Economists had predicted zero growth. In Italy, GDP also fell 0.1%, but this was expected, and marks an improvement from Q3's 0.3% drop.
- U.K. retail sales growth unexpectedly slowed to 1.8% from a year earlier in October after rising 2.0% year over year in September. Economists were looking for a 3.1% rise.
- Wal-Mart reported Q3 earnings of $1.14 per share, slightly higher than the $1.13 EPS expected by analysts. Revenues were $114.9 billion, slightly below the $116.8 billion consensus estimate. Shares are headed lower in pre-market trading.
- Cisco reported better-than-expected earnings, but revenues were weak and guidance was ugly. Shares are down more than 10% in pre-market trading.
- Weekly jobless claims figures are released at 8:30 AM ET. Economists predict initial claims were 330,000 in the week ended November 9, down from 335,000 the week before. Continuing claims are expected to have ticked up to 2.870 million in the week ended November 2 from 2.868 million in the previous week.
- Also out at 8:30 is September trade data. Economists predict the trade deficit widened slightly to $39.0 billion in September from $38.8 billion in August.
- Philly Fed president Charles Plosser speaks on monetary policy in Washington at 9 AM, though his remarks will undoubtedly be overshadowed by Yellen's confirmation hearing at 10. Follow everything LIVE on Business Insider »
- BONUS: The annual Victoria's Secret Fashion Show taped last night. Here are 51 photos from the event »
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