Good morning! News what you need to know prior to today's market opening as follows:

Stocks took a pummeling on yesterday after a so-called supercommittee in Congress failed to reach a deal to cut the U.S. federal budget deficit by $1.2 trillion over 10 years.

European countries are locked in a debate over how to provide a lasting solution to their debt crisis, which is causing borrowing rates to rise to dangerous highs for ever-larger countries.

Many countries would like the European Central Bank to step up its bond purchases, which have the effect of keeping down borrowing rates. It currently buys bonds in limited amounts, but experts say it needs to expand the program significantly if it is to be effective.

Germany, however, opposes such a move for fear it would create inflation and saddle the central bank with bad loans.

As the leaders struggle to find common ground, the markets remained on edge.

Spain was forced to pay sharply higher interest rates in an auction of short-term debt, suggesting investor remain wary of the country's financial prospects despite a new, center-right government coming to power this week.

European stocks were up slightly after huge losses on Monday, as some investors sought bargains. Britain's FTSE 100 added 0.6 percent to 5,251.46 while Germany's DAX rose 1.1 percent to 5,664.73 and France's CAC-40 gained 1.0 percent to 2,922.81.

Shares in Asia struggled to make headway after Monday's losses on Wall Street. Japan's Nikkei 225 index fell 0.4 percent to 8,314.74, its lowest close since March 2009.

Australia's S&P/ASX 200 dropped 0.7 percent to 4,133. China's Shanghai Composite Index edged 0.1 percent lower to 2,412.63. Benchmarks in Taiwan, Malaysia and New Zealand also fell.

But Hong Kong's Hang Seng erased early losses, rising 0.1 percent to end at 18,251.59 and South Korea's Kospi index rose 0.3 percent to 1,826.28.

Losses among Asian stocks were broad-based and included banks and consumer shares.

Hong Kong-listed China Construction Bank and Australia & New Zealand Banking Group both fell 1.1 percent. Hong Kong-listed GOME Electrical Appliances slid 1.9 percent and China Garments Co. lost 2.3 percent.

Mainland Chinese shares in power, food and travel companies led the gains while shares in chemical, aviation and auto companies weakened. Air China Ltd. lost 5.5 percent while Bright Food (Group) Co. gained 3 percent.

In currency trading, the euro rose to $1.3533 from $1.3496 late Monday in New York. The dollar was roughly unchanged at 76.93 yen.

Benchmark crude for January delivery was up 93 cents at $97.85 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 75 cents to settle at $96.92 in New York on Monday.

Stand by today's recommendations and have a great trading session.