- Asian markets were mixed in overnight trading but the Nikkei was up 2.88 percent and hit a 32-month closing high, prompted by a decline in the yen to a 2.5 year low against the U.S. dollar. Europe is rallying and U.S. futures are modestly higher.
- German business confidence climbed to 104.2 in January, from 102.4 the previous month. That is the highest reading since June and added to signs that the economy is recovering.
- The Federal Reserve's balance sheet crossed the $3 trillion mark for the first time this week. This occurred during open-ended purchases of Treasuries and mortgage-backed securities that have been part of Fed chairman Ben Bernanke's efforts to boost economic recovery.
- The European Central Bank has said 278 finanical institutions will repay €137.2 billion of its three-year loans next week. Banks will have the chance to repay the second tranche of three-year loans starting February 27.
- In earnings news, Honeywell beat expectations, reporting Q4 earnings of $1.10 per share, on revenue of $9.58 billion. Meanwhile, Procter & Gamble's net income more than doubled to $1.39 per share. The company raised its forecast and now expects 2013 earnings of $3.97 - $4.07 per share.
- Microsoft reported earnings of $0.76 per share, on revenue of $21.46 billion in line with expectations. Windows sales were up 11 percent but global PC unit sales fell 6.4 percent on the year in the fourth quarter.
- New home sales for December will be out at 10 a.m. ET. Consensus is for new home sales to rise to an annual rate of 388K.
- The UK economy unexpectedly contracted 0.3 percent quarter-over-quarter, in the fourth quarter. This leaves the country on the verge of a triple-dip recession.
- Core Japanese consumer prices decreased 0.2 percent year-over-year in December, falling for the seventh time in eight months. This showed the difficulty the central bank faces in reaching its 2 percent inflation target.
- Starbucks reported earnings of $0.57 per share in line with expectations, while revenue of $3.8 billion came in shy of analyst estimates. Sales were up six percent globally, seven percent in the Americas, and up 11 percent in China/Asia Pacific, beating expectations.
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