Students hold each other for warmth as they sleep during a break in between high intensity training at Tianjiao Special Guard/Security Consultant camp on the outskirts of Beijing December 1, 2013.
Good morning. Here's what you need to know.
- Markets in Asia were mixed in overnight trading. The Japanese Nikkei 225 rose 0.1%, the Hong Kong Hang Seng fell 0.3%, and the Shanghai Composite dropped 2.0%. European markets are mostly higher with the exceptions of France and Spain. In the United States, futures point to a positive open.
- Chinese interbank interest rates spiked on Friday to the highs seen during the market turmoil in June, despite a cash injection by the PBoC into markets. The central bank pledged in a tweet to provide liquidity to the system via short-term liquidity operations, but it wasn't enough to calm markets Friday.
- The Bank of Japan left monetary policy unchanged at its December meeting. BoJ Governor Haruhiko Kuroda offered a sunny view of the economic climate in a press conference, saying, " The correction of an excessively strong yen has been a plus for Japan’s economy. "Corporate profits have been boosted, sentiment among economic players has turned positive, stocks have risen and growth has accelerated."
- U.S. Treasury Secretary Jack Lew wrote in a letter to Congress on Thursday that the debt ceiling will need to be raised again by late February or early March. Republicans appear to once again be interested in leveraging the debt ceiling decision by scoring concessions from Democrats, perhaps including approval of construction of the Keystone XL pipeline.
- GfK's U.K. consumer confidence survey revealed an unexpected drop in confidence in December. The report's headline index fell to -13 from November's -12 reading. Economists had predicted a tick up to -11.
- GfK's German consumer confidence survey forecasts that confidence will rise in January, contrary to economists' expectations. GfK's January index reading clocked in at 7.6, up from 7.4 in December. Economists expected an unchanged reading.
- The final estimate of third quarter U.K. GDP revealed 1.9% growth from a year earlier, besting estimates for a 1.5% advance. The numbers were lifted in part by a surprise gain in total business investment, which advanced 2.0% from a year earlier versus the 1.4% gain expected by economists.
- The third and final estimate of third quarter U.S. GDP showed that the economy grew 4.1% at an annualized rate in Q3. Economists predicted GDP grew 3.6%, matching the second estimate published by the BEA earlier this month. Personal consumption growth clocked in at 2.0%, well above the previous 1.4% estimate.
- Preliminary December eurozone consumer confidence data are due out at 10 AM. Economists predict the headline index of confidence improved slightly to -15 from November's -15.4 reading.
- The Kansas City Fed's monthly survey of manufacturing activity is out at 11 AM. Economists predict the report's headline index fell to 6 from November's 7 reading, indicative of a slight slowdown. Follow the data LIVE on Business Insider »
- DON'T MISS: Wall Street's brightest minds reveal THE MOST IMPORTANT CHARTS OF THE YEAR »
More From Business Insider