10 things you need to know before European markets open

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

Chinese bank lending missed expectations. Chinese new bank lending disappointed to the downside in December, increasing by 597.8 billion yuan. The figure was below expectations for an increase of 700 billion yuan, and short of the 697.3 billion yuan level of a year earlier.

Italy is blocking a plan to halt immigrants. Italy is blocking a European Union plan to provide Turkey with €3 billion in aid in exchange for a commitment to stem the flow of migrants into Europe.

France is squeezing its deficit. The France government said it managed to reduce the budget deficit by more than forecast in 2015, just as the EU warned it was taking a harder line on the French shortfall.

Uber's China unit is worth more than $8 billion. Chief executive Travis Kalanick said on Friday the ride-hailing firm's China unit was valued at more than $8 billion after its latest fundraising round, over $1 billion more than before the effort.

Goldman Sachs thinks the markets have structural problems. Goldman Sachs filed a letter with the SEC letting it know that it has some deep concerns with the how US equity markets operate. The letter was filed in support of trading venue IEX, which is seeking to become an exchange.

North Korean officials won't be at Davos next week. North Korea criticized organizers of the World Economic Forum in Davos for revoking an invitation to its delegation in the wake of a nuclear test.

Iran is moving ahead with agreements to end sanctions. Iran has removed the sensitive core of its Arak nuclear reactor and U.N. inspectors will visit the site to verify the move crucial to the implementation of Tehran's atomic agreement with major powers.

The Daimler boss insulted Volkswagen. An emissions scandal like the one engulfing Volkswagen would not be possible at Daimler, Chief Executive Dieter Zetsche said on Thursday in an unusual dig at another carmaker.

Profits are rising at JP Morgan. JPMorgan Chase & Co, the biggest U.S. bank by assets, reported a 10.2% rise in profit for the last quarter of the year as it kept a tight lid on expenses. The bank's net income rose to $5.43 billion in the three months ended Dec. 31 from $4.93 billion a year earlier.

Warren Buffet has been buying oil assets. Daily regulatory filings dating back to January 6 show that the Berkshire Hathaway CEO has significantly upped his stake in Texas-based energy company Phillips 66. In the same period, oil prices have plunged to new 12 year lows.