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5 Things You Need to Know Before the Stock Market Opens

BOSTON (TheStreet) -- Eurozone leaders preparing for a critical European Union summit leads your quick fix of company, market, economic and investing news for Monday, Dec. 5.

Monday's 5 Biggest Stories

Mark your calendars. The European Union summit on Dec. 9 is a big deal. [Bloomberg]

Hey, Americans, you think the debt problems are bad here in the U.S.? Italy's welfare minister broke down in tears as she outlined the country's austerity measures. [Reuters]

Despite the tears, the market likes Italy's austerity plan. Even Italian bonds, which flirted with the dangerous 7% yield level, are stabilizing. [Bloomberg]

Here's a rundown of how crazy this week will be for European -- and global -- markets as eurozone leaders gear up for their summit. [WSJ]

Your comprehensive look at the economic release schedule for the week, including today's ISM services index. [Calculated Risk]


Quote of the Day

"This man represents the Treasury Department. He's brought hundreds of millions of dollars," Vice President Joe Biden joked as he introduced T.H. Christopher Smart, a deputy assistant secretary at the Treasury Department, to Greek President Karolos Papoulias. [Business Insider]


Company News

In news that won't shock anyone, Commercial Metals (CMC) rejected a $1.7 billion bid from billionaire investor Carl Icahn. Grab your popcorn. [NYT DealBook]

SAP (SAP) gets off its butt and finally buys something. [NYT DealBook]

Apple (AAPL) is considering building a second mammoth data center, this time in Oregon. [Oregon Live]

MetLife (MET) guides 2011 earnings below Wall Street estimates. [Street Insider]


Markets

India sees its slowest economic expansion since 2009 due to inflation. [Bloomberg]

The Federal Reserve is working on a new communications strategy to be more articulate about its goals. Apparently being clear and concise is a challenge for central banks. [WSJ]

Banks are seeing huge increases in deposits year-over-year, but the problem is that money is pouring into non-interest-bearing accounts. [WSJ]

The N.Y. Fed now blames the financial crisis on people from Flip This House. [NY Fed]


Investment Strategy

The decline of "safe" assets in the market. [FT]

A wish list to make mutual fund investing better and easier. [MarketWatch]

Insider buying is very high in seven stocks, like Kronos Worldwide (KRO) and Boston Scientific (BSX). [Benzinga]


Odds and Ends

A 14-car pile-up in Japan wrecks more than $1 million in automobiles, including eight Ferraris and a Lamborghini. [Bloomberg]

I'm really sad that the story about Metallica as currency traders didn't come with the headline "Master of Euros" or something like that. [WSJ]

I'm excited to see The Girl With the Dragon Tattoo. This Led Zeppelin cover from Nine Inch Nails' Trent Reznor and the Yeah Yeah Yeahs' Karen O. only makes that excitement greater. [YouTube]

-- Written by Robert Holmes in Boston.



>To contact the writer of this article, click here: Robert Holmes.

>To follow Robert Holmes on Twitter, go to http://twitter.com/RobTheStreet.

>To submit a news tip, send an email to: tips@thestreet.com.

Stock quotes in this article: AAPL, CMC, SAP, KRO, BSX, MET 
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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