10 things you need to know before the opening bell

Person driving a shoeReuters/Krishnendu HalderA worker test drives a car in the shape of a heels on a road in the southern Indian city of Hyderabad.

Here is what you need to know.

It’s jobs day. Economists estimate US companies added 228,000 jobs in April, as the unemployment rate fell to 5.4% (currently 5.5%). Average hourly earnings are expected to grow 0.2% month-over-month. The data is due out at 8:30 a.m. ET.

The UK election results are in. Prime Minister David Cameron led the Conservative party to a small majority. BI UK reports, “Overall the Conservatives are now projected to take at least 325 seats, one short of a technical majority but two over the line once you factor in Sinn Féin’s unused seats and the speaker.” Britain’s pound is higher by 1.2% at 1.5428.

Chinese trade data disappointed. The Chinese economy posted a $US34.1 billion surplus, which was shy of the $US34.5 billion that was expected. Exports dropped 6.2% year-over-year decline, and imports fell 16.1% YoY. China’s yuan was little changed at 6.2093.

Europe is refusing to change its position on Greek debt. Euro zone finance ministers refuse to budge on the issue of Greek debt relief until the government commits to its current bailout program. “If the Greek government completes and fully commits to the current program, which is now standing still, and is being redesigned … we, the Eurogroup countries, would stand ready to consider to do more,” noted Jeroen Dijsselbloem, chair of euro zone finance ministers. Greece’s 2-year yield is up 3 basis points at 20.37%.

The Reserve Bank of Australia downgraded its growth and inflation forecasts.Australia’s central bank cut its 2015 growth forecast to 2.5% (2.75% previous) and its 2016 growth forecast to 3.25% (3.50% previous). As for inflation, the RBA now expects the reading to hold within the 2-3% target range out to 2017 after previously projecting it might run a bit hot. Australia’s dollar is stronger by 0.1% at .7912.

Data out of Germany missed estimates. Industrial production fell 0.5% mum, missing the 0.4% mum gain that was anticipated by a wide margin. Trade data also disappointed as the surplus of 19.3 billion euros fell short of the 20.3 billion euro surplus that economists were expecting. Germany’s 10-year yield is up 1.2 basis points at 0.60%.

Toyota forecasts a record breaking year. The world’s top selling automaker announced full year 2015 operating income rose 20.0% to 2.75 trillion yen ($US25.1 billion) and consolidated net revenues climbed 6% YoY to 27.23 trillion yen. The company projects a 2.25 trillion yen net profit ($US18.79 billion) for fiscal year ending in March 2016 on 27.5 trillion yen in revenue.

Fitbit is going public. The wearable device company announced the IPO will net up to $US100 million. The stock will trade under the ticker ‘FIT’.

Global stock markets are higher. China’s Shanghai Composite (+2.3%) led the way in Asia while Britain’s FTSE (+1.8%) paces the advance in Europe. S&P 500 futures are higher by 4.00 points at 2088.25.

Other US economic data is light. Wholesale inventories is scheduled for release at 10 a.m. ET. The US Dollar Index is up 0.2% at 94.80.

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