10 Things You Need To Know Before The Opening Bell, May 18, 2012

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		Tech Entertainment Wall Street Markets Strategy Sports Lifestyle Politics International Video Latest Friday, May 18, 2012 Advertisement Good morning. Here's what you need to know. Asian markets were down in overnight trading, with the Nikkei plunging nearly 3 percent on concerns about Spanish banks. Europe is mixed and U.S. futures are modestly higher. Facebook is set to start trading today and is valued at $104 billion. In terms of money raised, it will be the third-biggest U.S. IPO in history. Meanwhile, its underwriters are set to split $176 million in fees. Don't Miss: Mark Zuckerberg's secret IM's from college > Chinese home prices fell in a record 46 of 70 cities in April. Wenzhou led the decline with a 12.3 percent drop in prices from a year ago. The Housing Ministry has said that it will continue its curbs on the housing market. Bad debts held by Spanish banks hit a 17-year high in March. The central bank said that 8.37 percent of the loans held by banks or €147.97 billion were overdue for more than three months. Now here are 5 reasons why everyone is panicking about Spain > Meanwhile, Moody's cut the ratings of 16 Spanish banks by one to three notches. The ratings agency cited the bad loans on their books and the deteriorating domestic economy as key reasons for the downgrade. Meanwhile, Bankia's stock is surging today, and the government has tapped Goldman Sachs to advise it on recapitalizing the bank. A bombshell report from the Wall Street Journal says Jamie Dimon personally approved the concept behind the disastrous trades that cost JP Morgan $3 billion and counting. Dimon however did not monitor how they were executed. Meanwhile, the bank's CIO at the center of the trading loss has built up $100 billion of risky bonds. G8 leaders are meeting at Camp David this weekend to tackle the European crisis and the growing concerns over a Greek exit from the eurozone. No major policy decisions are expected from the talks, but Obama is looking to push a more comprehensive approach to resolving the crisis. Get Ready: This is what happens if Greece exits the euro > Yields on 10-year Spanish and Italian bonds are falling today. The spread between yields on these bonds and German bunds of the same maturity has fallen 15 bps today for both securities. German PPI rose 0.2 percent in April from the previous month, below expectations. Meanwhile, PPI climbed 2.4 percent year-over-year (YoY), against expectations of a 2.6 percent rise. Italian industrial orders climbed 3.5 percent month-over-month in March, but were down an unadjusted 14.3 percent YoY. On an annualized basis this was the biggest fall since August 2009. Bonus - Lea Michelle was seen kissing rumored boyfriend Cory Monteith at a basketball game at Madison Square Garden. BI Intelligence ia a new subscription research service that provides real–time insight, information, and analysis of the Internet industry. Subscribe now and you'll get briefs, notes, interviews, and in–depth reports, as well as a library of charts and data that will help you stay on top of key trends and dynamics. Try it free for four weeks. Click here to sign up. 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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