10 Things You Need To Know Before European Markets Open

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

EU Commission Chief Jean Claude Juncker Says No Debt Reduction Is Coming For Greece. Juncker warned Monday that Greece cannot expect any reduction of its huge debt commitments after the anti-austerity Syriza party won a stunning election victory. "There is no urgent need for action" on Greece's debt, Juncker told German television station ARD, adding that a reduction of the debt "is not on the radar".

Small Producers Are Starting To Shutter Production At US Oil Wells. With US crude around $46 per barrel, operators are already closing some small old wells, known as strippers, and tens of thousands of similar wells are on the verge of losing money. A further slide could, by some estimates, idle an equivalent of up to 2% of US supply, slowing overall output growth more than expected or even leaving it flat.

Brazilian Oil Giant Petrobras May Take A Charge Equal To Almost Half Its Market Value. Petróleo Brasileiro could take a charge of about 52 billion reals ($20 billion) in its delayed third-quarter results to reduce the value of some assets, a Veja magazine blog said on Monday. The impairment equals 42% of the market value of Petrobras, as the company is known, Veja's Mercados blog said.

UK GDP Is Coming. At 9:30 a.m. GMT (4:30 a.m. ET) we'll get the first estimate of the United Kingdom's GDP in the final three months of 2014. Economists are expecting a 0.6% boost from the third quarter, a solid but unimpressive pace, down from 0.7% in Q3.

The US Deficit Will Drop By Another $15 Billion Next Year. The US budget deficit will decline slightly to $468 billion this fiscal year from $483 billion last year, the Congressional Budget Office said on Monday in a report that marks the end to an era of dramatically falling deficits. The CBO said that it expected deficits to hold steady relative to the size of the U.S. economy through 2018

Microsoft Offered A Gloomy Outlook. Microsoft is warning investors that revenue and profits are not going to be killer great for the rest of 2015. The stock is down more than 4% after hours, following results that included a 12% drop in profits.

China's Premier Pledged To Create At Least 10 Million Jobs This Year. China's Premier Li Keqiang pledged to create at least 10 million new jobs in 2015, the state run China Daily newspaper said on Tuesday, despite economic growth that slowed to its weakest pace in nearly a quarter of a century last year.

Despite The Crackdown On Margin Traders, Debt-Fueled Chinese Stock Buying Is At A Peak. The value of shares bought with borrowed money has hit an all-time high in China, according to Bloomberg. That's just a week after the government tried to crack down on the practice and sent the Shanghai Composite into its biggest one-day drop since 2008.

Asian Markets Are Mixed. Japan's Nikkei closed heavily up, rising 1.72%, but Hong Kong's Hang Seng is currently down 0.44%, and the Shanghai Composite is also down 0.83%.

BP Is Freezing Global Salaries. According to the Financial Times, the oil giant announced to its staff on Monday that it was bringing in a company-wide freeze. The company has been hit hard by the unexpected plunge in oil prices during recent months.