Anything For You All: 10 things you need to know before the opening bell

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December 23, 2016

Here is what you need to know.

Italy has reached a deal to save its banks. The Italian government has agreed to a 20 billion-euro ($20.9 billion) fund to aid its struggling banking system, Reuters reports. Monte Paschi, the world's oldest bank, requested a bailout just moments after a deal was completed.

Bitcoin is zooming higher. The cryptocurrency is up 5.1%, or $44, to $905.50, bringing its year-t0-date gain to 117%. Bitcoin trades at its best level in three years.

"Fallen angel" debt had its best year since 2003. Bonds issued by companies that were unexpectedly downgraded by credit rating agencies have generated a 37% total return in 2016, more than double the total return for the broader high yield market, according to Goldman Sachs.

Putin says the Russian economy is on the mend. Speaking at an annual year-end news conference, Russian President Vladimir Putin said the economy is slowly healing as the capital flight fades and wages pick up, Reuters, reports.

Deutsche Bank and Credit Suisse have reached settlements with the US. The two banks have agreed to settlements related to mortgage-backed securities totaling more than $12 billion, Reuters says.

The US is suing Barclays over mortgage-backed securities. The Department of Justice is suing the bank and two former executives, saying more than half of the $31 billion worth of packaged mortgage loans defaulted during the financial crisis, a person familiar with the matter told Reuters.

Twitter has had a rough week. The stock has tumbled 12% over the past week after a slew of top executive departures.

Stock markets around the world are lower. China's Shanghai Composite (-0.9%) trailed in Asia and Spain's IBEX (-0.4%) lags in Europe. The S&P 500 is set to open up 0.2% near 2,262.

US economic data flows. New home sales and University of Michigan consumer confidence will be released at 10 a.m. ET and the Baker Hughes rig count will cross the wires at 1 p.m. ET. The US 10-year yield is down 1 basis point at 2.54%.

US markets are closed on Monday. US stock markets are open a full day on Friday, but the US Treasury market will see an early 2 p.m. ET close.