10 Things You Need To Know Before European Markets Open

Good morning! Here are the major stories in markets that you need to know about today.

Greece Is Gearing Up For An Early Presidential Election. On Monday, Greek Prime Minister Antonis Samaras announced that Greece's presidential elections will be held on December 17, two months earlier than scheduled. If Greece's legislators can't elect a president, parliamentary elections will be triggered, which could usher in Syriza, the radical anti-austerity leftists leading Greek polls.

Athens Also Got A Two Month Bailout Extension From Eurozone Ministers. Eurozone ministers on Monday approved a request from Greece for a two-month extension to its bailout programme that was set to end December 31, amid an ongoing budget row between Athens and its EU-IMF creditors

German Imports Sank In October. Imports dropped 3.1% from September, compared to a 0.5% drop in exports, leaving a trade surplus of €20.6 billion, second only to July's record figure.

British Industrial Production Is Coming. Industrial production figures for October, out at 9:30 a.m. GMT, should give some idea of the strength of the UK recovery during the fourth quarter so far. Analysts are expecting a 0.2% increase from September and a 1.8% rise year-on-year.

Oil Crashed To A New Five Year Low. Benchmark Brent crude slipped to its lowest in five years on Tuesday, dropping below $66 a barrel after plunging more than 4% the day before on worries over a deepening supply glut.

Petrobras Tanked Again Yesterday. Brazil's quasi-state oil company Petrobras got pounded, falling 6.2% in Monday's trading day. The stock is down 40% year-to-date.

Asian Markets Slumped. Japan's Nikkei closed down 0.68%, Hong Kong's Hang Seng is currently down 2.2%.

Shanghai Stocks Are Selling Off Heavily. After weeks of rapid climbing, the Shanghai Composite index is currently down more than 5%, after hitting a new record high for trading volumes.

Russia Has Started Sending Ukraine Gas Again. Ukraine's gas transport monopoly, Ukrtransgaz, said Russia had resumed gas flows to Ukraine on Tuesday after a six-month gap during a dispute over prices and unpaid debts.

The Fed Might Drop Some Of Its Forward Guidance. Currently, the Federal Reserve states that rates will stay near zero for a "considerable time", language that Jon Hilsenrath believes may be dropped at their meeting next week, with the US economy recovering rapidly.