Dec. 10 Premarket Briefing: 10 Things You Should Know
Here are 10 things you should know for Tuesday, Dec. 10:
1.-- U.S. stock futures were pointing to modest gains for Wall Street on Tuesday.
European shares were flat in early trading. Asian stocks ended the session mostly lower. Japan's Nikkei 225 index declined 0.3%. China's Shanghai Composite closed nearly unchanged. Data released Tuesday showed that China's factory production rose 10% in November from a year earlier, slightly lower than analysts' forecasts, while retail sales rose a stronger-than-expected 13.7%.
2.-- The economic calendar in the U.S. Tuesday includes wholesale inventories for December at 10 a.m. EST.
3.-- U.S. stocks on Monday closed higher, in line with major global equities, as Chinese data showing rising exports offset concerns the Federal Reserve will announce steps as early as next week to reduce its bond-buying program.
The S&P 500 gained 0.19% to 1808.44, while the Dow Jones Industrial Average increased 0.04% to 16,026.37. The Nasdaq was 0.15% higher to 4,068.75.
4.-- South Africans gathered at FNB stadium in Johannesburg on Tuesday for the memorial service for former South African President Nelson Mandela.
Mandela died on Thursday after a prolonged lung infection. He was 95.
President Obama, former President George W. Bush and former Secretary of State Hillary Rodham Clinton are attending the service.
5.-- The Treasury Department sold its final shares of General Motors
Without the bailout, the U.S. would have lost more than a million jobs, and the economy could have slipped from recession into a depression, Treasury Secretary Jacob Lew said on a conference call with reporters.
6.-- The finalization of the Volcker Rule is expected Tuesday. The three U.S. bank regulators, as well as the Securities and Exchange Commission and the Commodity Futures Trading Commission, will unveil details of the final rule at 9:30 a.m. on Tuesday, according to Reuters.
The Volcker Rule -- named after former Federal Reserve Chairman Paul Volcker -- is meant to ban U.S. systemically important financial institutions from short-term "proprietary trading." The idea is that big banks enjoying the advantage of FDIC-insured deposits shouldn't be "gambling" with that money.
7.-- Lululemon Athletica
Potdevin will succeed Christine Day , who has been CEO since 2008. Day announced her intention to resign last June.
Lululemon has had a rough 2013. It had to recall pants in March over complaints about sheerness, Day surprisingly resigned in June, and it received more recent complaints about sheerness and pilling on the expensive pants.