10 things you need to know before the opening bell

Here is what you need to know.

Bonds are flashing a warning sign for stocks. The US 10-year yield ticked above 2.60% on Thursday, the level at which Societe Generale’s Cross Asset Allocation team says is where stocks become “rich” to bonds. Currently, the US 10-year yield is down 3 basis points at 2.57%.

Eurozone inflation is finally being sustained. Eurozone final CPI printed 0.6% year-over-year in November, its highest level in more than two years. The euro is up 0.3% at 1.0442 against the dollar.

The UK will have to pay a big tab when Article 50 is triggered. Michel Barnier, one of the European Union’s chief negotiators, and other EU officials, said the United Kingdom will have to pay the European Union 50 billion pounds ($62.1 billion) when it triggers Article 50, the mechanism to begin the UK’s exit, Sky News reports. The British pound is stronger by 0.1% at 1.2428 versus the dollar.

The world’s oldest bank is getting more time to raise cash. Monte Paschi has received regulatory approval to push back the deadline of its debt-for-equity swap to December 21, Bloomberg reports. The Italian bank must raise €5 billion to avoid needing a state rescue.

Gilead must pay Merck $2.5 billion in royalties. A federal jury has awarded Merck a $2.54 billion reward in a patent verdict against Gilead related to its hepatitis C drugs Sovaldi and Harvoni, Reuters reports.

Trivago’s IPO priced below expectations. The hotel booking site raised $287 million through its initial public offering, which priced at $11 per share, well below the range of $13 to $15 dollars that was expected.

Oracle reported a mixed quarter. The company earned $0.61 per share on revenue of $9.0 billion, compared to Wall Street’s expectation for earnings of $0.60 on revenue of $9.11 billion.

Priceline has a new CEO. Glenn Fogel, a 16-year veteran of the firm and current head of strategy and executive vice president of corporate development, has been named CEO.

Stock markets around the world are up. Japan’s Nikkei (+0.7%) led the overnight advance and Italy’s MIB (+2.1%) paces the gains in Europe. The S&P 500 is set to open little changed near 2,265.

US economic data is light. Housing starts will be released at 8:30 a.m. ET and the Baker Hughes rig count will cross the wires at 1 p.m. ET.

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