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 Good morning! Here are 10 big stories you need to hear about before markets open in the US. Europe Is Crumbling. The pace of economic activity fell to a 16-month low in the eurozone. Markit's eurozone composite output index fell to 51.1 in November from 52.1 in October. "The survey data suggest the region is on course to see a mere 0.1% GDP growth in the final quarter of the year, with a strong likelihood of the near-stagnation turning to renewed contraction in the New Year unless demand shows signs of reviving," Markit's Chris Williamson said. Germany Slows To A 17-Month Low. Germany's output index tumbled to 51.7. "Composite PMI data suggest that the German economy is likely to face another quarter of only marginal growth at best, with fears of a renewed downturn intensifying," Markit's Oliver Kolodseike said. Spain's Slows To A 9-Month Low. Spain's output index fell to 53.8 in November as its services sector stumbled. "November was a difficult month for service providers in Spain, with growth of new work slowing to the weakest since October 2013," Markit's Andrew Harker said. France Is In Deep Trouble. France's output index fell to a 9-month low of 47.9, signalling outright contraction. "There are worrying signs of economic performance deteriorating in the core countries which, if sustained, could drive the region back into recession," Markit's Chris Williamson said. "France remains the biggest concern, suffering an ongoing decline in business activity." But Italy's Looking Up. Italy's output index improved to a 4-month high of 51.2. "Italy was the only country to see an improved rate of growth, raising hopes that it may pull out of recession in the fourth quarter, though the rate of expansion remained disappointingly modest and prone to further setbacks," Markit's Chris Williamson said. China's Services Sector Picked Up Pace In November. HSBC's services PMI, a major business survey, rose from 52.9 to 53, and the government's official PMI rose from 53.8 to 53.9, with any number over 50 pointing to growth. US Data Is Coming. The Markit US services PMI report will be released at 9:45 a.m. ET and the ISM services index comes at 10:00 a.m. ET. Economists expect both reports to reflect accerlating growth in the US economy. The ADP employment change report comes at 8:45 a.m.; economists estimate US companies added 222,000 private payrolls during the month. Markets Are Mixed. Europe is mixed with Britain's FTSE down 0.2%, France's CAC 40 down 0.1%, and Germany's DAX up 0.1%. In Asia, Japan's Nikkei closed up 0.3% and Hong Kong's Hang Seng closed down 0.9%. US stock market futures are flat. South-Eastern Europe Is Reacting Badly To Russia's Aborted Pipeline. President Vladimir Putin announced the decision to curtail the south stream gas pipeline earlier this week, but Bulgarian, Hungarian and Serbian governments say they have already invested in the scheme and had no advance warning, according to the Financial Times. A US Financial Watchdog Says Risks Are Rising. New rules to make banks safer after the credit crisis are imperfect and could boost less-regulated activities in the so-called shadow banking system, according to the Office of Financial Research. The body also said that the Federal Reserve's annual check of the financial health of the banking system, known as stress tests, fell short on several counts. | 
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