10 Things You Need To Know Before European Markets Open

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Belarusian rublesREUTERS/Vasily FedosenkoA man holds Belarussian rubles at his office in Minsk, May 11, 2009.

Good morning! Here's what you need to know.

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Arab Gulf Oil Exporters Stand By OPEC. Gulf officials on Sunday defended OPEC's decision last month not to cut oil output and instead blamed non-OPEC producers, especially American shale producers, for the supply glut that has sent prices tumbling.

Belarus Blocked Online Stores And News Websites. Government officials introduced the block on Dec. 19 in an attempt to stop panic-buying spurred by the depreciation of the Belorussian ruble, which has been hit hard by the slide of the Russian ruble.

US Gas Prices Hit 5-And-A-Half-Year Low. The average price of regular-graded gasoline fell 25 cents in the last two weeks to $2.47 a gallon, according to a survey released on Dec. 19.

Rich Russians Are Fleeing To The UK. Figures from Britain's Home Office show that the number of Russians granted investor visas in 2014 jumped by 69% compared to the previous year as the economic situation in Russia worsens. 

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China Is Willing To Help Russia. "If the Russian side needs, we will provide necessary assistance within our capacity," Chinese Foreign Minister Wang Yi was quoted as saying in a state newspaper on Monday

Asian Markets Are Up. The Nikkei closed up 0.08%. Hong Kong's Hang Seng is currently up 1.30%.

European Consumer Confidence Is Coming.The European Commission will release December consumer confidence at 3 p.m. GMT.

China's Xiaomi Is Valued At More Than $45 Billion. The country's largest smartphone maker has reportedly raised more than $1 billion in its latest round of funding expected to close as early as Monday.

American Apparel Adopted A New Stockholder Rights Plan. "Each right will entitle its holder to purchase, for $3.25 per share, a number of shares of the company's common stock or substantially equivalent securities having a market value of twice such price," the clothing retailer said in a statement. "The board implemented the rights plan as an additional means to ensure that all American Apparel stockholders are treated fairly."

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US Existing Home Sales Will Be Released Later: The National Association of Realtors with publish existing home sales data at 3 p.m. GMT (10 a.m. ET). Economists estimate the pace of sales fell 1.1% in November to an annualised rate of 5.20 million.