10 Things You Need To Know Before The Opening Bell, December 8, 2011

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		Tech Entertainment Wall Street Markets Strategy Sports Lifestyle Politics Europe Video Latest Thursday, December 8, 2011 Advertisement Good morning. Here's what you need to know. Asian markets were down in overnight trading with the Hang Seng falling 0.69%. Europe is moderately higher ahead of the EU summit, and U.S. futures are lower ahead of the market open. EU leaders are meeting today for the start of a summit to save the euro and resolve the region's debt crisis. Officials are expected to arrive in Brussels around 11 AM ET, and begin their working dinner at 1:30 PM ET. The president of the European Commission Jose Manuel Barroso spoke before the start of the summit, to urge leaders to put aside their differences and find a solution to the crisis. This comes after French president Nicolas Sarkozy and German chancellor Angela Merkel formed a "complete agreement" that involved amending the EU treaty. Don't Miss: Morgan Stanley - This is what the euro economy will do in 2012 and 2013 > The European Central Bank cut interest rates by 25 basis points to 1.00%. They might also relax their criteria for collateral to stimulate bank lending. Japan's machinery orders plunged 6.9% in October, against expectations of a 0.5% fall. This comes after an 8.2% fall the previous month. The data shows that firms are slashing spending, and that a slowdown in the global economy and a strong yen is hurting Japan's recovery. Wholesale trade data for October will be released at 10 AM ET and initial jobless claims will be released at 8:30 AM ET. Consensus is for a 0.4% month-over-month gain in wholesale inventories, and a drop in jobless claims to 395K. Follow the release at Money Game > Costco posted Q1 net income of $320 million or $0.73 per share, up from $312 million or $0.71 a year ago. Revenue jumped 12.5% to $21.18 billion, driven by higher gasoline prices and foreign exchange rates. Former MF Global CEO Jon Corzine will be testifying in front of a House Committee today, and his testimony has been released. Corzine has said that he does not know where the money is. Federal regulators and the justice department are investigating the collapse of MF Global, and are trying to find as much as $1.2 billion in missing client funds. Alibaba Group is looking for up to $4 billion in debt financing to help buy back a 40% stake in the company owned by Yahoo! Inc. The Bank of England held interest rates steady at 0.50% today. It also maintained its asset purchase target at £275 billion. Bank of England's governor Mervyn King had previously said that it made little sense to change policy until they could tell how events in Europe would play out after the EU summit. Now here are 10 big risks to the global economy in 2012 > Australia's unemployment rate increased to 5.3%, and the country lost 39,900 jobs in November. The economy added 26,2000 full time jobs last month. This comes after the Australian economy posted Q3 GDP growth of 1% from the previous quarter, beating expectations. BONUS - Angelina Jolie and Brad Pitt took their children on shopping trip to FAO Schwarz, an upscale New York toys store. Please follow Money Game on Twitter and Facebook. Share this: Facebook Twitter Digg Reddit StumbleUpon LinkedIn The email address for your subscription is: dwyld.kwu.jobhuntportal11@blogger.com Change Your Email Address | Unsubscribe | Subscribe | Subscribe to the Money Game RSS Feed Business Insider. 257 Park Avenue South, New York, NY 10010 Terms of Service | Privacy Policy

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