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Morning Briefing: 10 Things You Should Know

NEW YORK ( TheStreet) -- U.S. stock futures were pointing to a flat open on Wall Street Friday after Spain unveiled a draft budget that called for severe spending cuts.

European stocks were rising while Asian shares closed Friday's session mostly higher, with Japan's Nikkei 225 index bucking the trend and finishing with a 0.9% loss.

The economic calendar in the U.S. Friday includes personal income and spending data for August at 8:30 a.m. EDT, the Chicago purchasing managers index for September at 9:45 a.m., and the final reading of the University of Michigan consumer sentiment index at 9:55 a.m.

U.S. stocks on Thursday finished higher, getting a lift from an encouraging snapshot of labor market conditions and expectations for stimulus from China.

The Dow Jones Industrial Average rose more than 72 points, or 0.54%, to close at 13,486. The blue-chip index snapped a four-day losing streak.

Research In Motion (RIMM) reported Thursday a much narrower-than-anticipated loss in the fiscal second quarter as its subscriber base grew and its cash balance increased.

Facebook (FB - Get Report) announced Thursday a new functionality to allow users to buy real gifts for their friends through the social networking site. Facebook Gifts will roll out gradually, first becoming available to U.S. users.

Earnings are expected Friday from Walgreen (WAG) American Greetings (AM) and Finish Line (FINL).

Medtronic (MDT - Get Report) said it would buy China Kanghui Holdings, a maker of orthopedic devices, for $755 million.

Groupon (GRPN - Get Report), the daily deals site, is reshuffling senior management roles in an attempt to fix its struggling European business -- a shake-up that will also include the departure of its chief of international business, according to a report from Reuters.

-- Written by Joseph Woelfel

>To contact the writer of this article, click here: Joseph Woelfel

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