10 Things You Need To Know Before European Markets Open

Hannelore Foerster/Getty ImagesMario Draghi began the year with a hint that more European Central Bank easing is imminent.

Good morning! Here's what you need to know in markets on the first trading day of the new year. 

An Important Clause In Argentina's Debt Battle Just Expired. The fine print Argentina blames for failed negotiations with disgruntled creditors expired Thursday, theoretically clearing the way for a deal to lift the country out of default -- if the two sides want it.

The Chinese Economy Spluttered In December. China's factory activity sputtered in December, underlining the challenges facing the country's manufacturers as they fight rising costs and softening demand in a cooling economy. The government's purchasing manager's index came in at 50.1, barely above the neutral 50 level. 

A Major French Industrialist Is Slamming The Country's Business Practices. Air Liquide's Benoit Potier, who's CEO of the €35bn gas group, told the Financial Times that "French companies are doing very well outside of France, and that's a very good example of what we can do... So why don't we invent in France the environment that we find in the rest of the world?"

Hyundai-Kia Is Expecting Its Worst Year For Growth In More Than A Decade. Hyundai and affiliate Kia Motors aim to lift global vehicle sales by 2.5 percent in 2015, as capacity constraints and a weak market recovery set up the South Korean pair for their slowest expansion in 12 years.

India Just Scrapped A Soviet-Style Economic Planning Body. India has scrapped its 65-year-old Planning Commission, which Prime Minister Narendra Modi has accused of stifling growth with Soviet-style bureaucracy, replacing it on Thursday with a body he said would do more to involve the regions, named the National Institution for Transforming India.

The Eurozone Faces A Growing Risk Of Unstable Prices, According To Mario Draghi. "The risk that we do not fulfil our mandate of price stability is higher than six months ago," European Central Bank chief Mario Draghi was quoted as saying by German financial newspaper Handelsblatt.

Hong Kong's Hang Seng Started The Year Well. The stock index is currently up 0.69% on the first trading day of 2015. Japan's Nikkei and China's Shanghai Composite were both closed Friday.

GM Is Recalling 92,000 More Cars Over Ignition Switch Problems. General Motors on Thursday announced a recall of more than 92,000 additional vehicles over ignition switch problems blamed for 42 deaths. The largest US automaker has already recalled millions of cars over the defect.

Manufacturing PMIs Are Coming. The major European economies and the US have manufacturing business surveys out today. The eurozone countries will be out between 8 a.m. and 9 a.m. GMT, followed by the UK at 9.30, with a minor improvement expected. At 2.45 p.m. GMT, Markit's manufacturing PMI is out, followed by the ISM survey 15 minutes later. 

Iran Says Saudi Arabia Is Making A Serious Mistake Over Oil Prices. Falling world oil prices will hurt countries across the Middle East unless Saudi Arabia, the world's biggest crude exporter, takes action to reverse the slump, Iran's deputy foreign minister told Reuters.