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MARKET CURRENTS

  • 5:23 AM The EBA intends to challenge the capital restructuring plans that EU banks plan to undertake to meet stringent new requirements, the FT reports. With 30 banks needing to fill a €115B gap, up to half the measures don't appear credible, including the way banks want to recalculate risk and pledges to sell unattractive assets. Comment! [Global & FX, Financials, Top Stories]
  • 5:04 AM As if to underline Wen Jiabao's exhortations to his countrymen that China needs to help the EU, the IMF warns its growth could be half of the fund's 8.2% projection for this year should Europe’s debt crisis worsen. "However, a track record of fiscal discipline has given China ample room to respond," the IMF says. Comment! [Global & FX]
  • 4:54 AM Chinese New Year sales on the mainland +16% to 470B yuan ($75B), which sounds good, except that this is China and it's the slowest growth since the 2009 financial crisis and 3 percentage points less than last year. The weakening could mean problems for the foreign firms rushing into the country, particularly luxury brands. Comment! [Global & FX]
  • 4:44 AM The EU's debt crisis claims another national leader as Romanian PM Emil Boc resigns following weeks of nationwide demonstrations against IMF-imposed austerity cuts and ahead of an election later this year. Just as in Italy and Greece, the next leader is likely to be a technocrat, says political commentator Mircea Marian. Comment! [Global & FX]
  • 4:37 AM As part of any settlement to resolve foreclosure abuse, investors in mortgage bonds will be forced to write down up to $40B for distressed homeowners. The Obama administration plans to use the threat of litigation against large institutions to obtain additional aid for struggling borrowers. (see also) Comment! [Financials, Top Stories]
  • 4:24 AM It's taken a year, but states and five banks are on the cusp of finalizing a $25B deal over problematic foreclosure practices after California returned to negotiations following a four-month absence and New York - another hold-out state - said it could support the deal. State AGs must indicate today whether they will sign on to the deal. Comment! [Financials, Top Stories]
  • 3:59 AM EU shares are lower in early trading, with worries about the interminable Greek debt talks overshadowing the fading euphoria over U.S. jobs data on Friday. Euro STOXX 50 -0.8%, London -0.3%, Paris -1.1%, Frankfurt -0.4%, Milan -0.5%, Madrid -0.7%. 1 Comment [Top Stories, On the Move, Global & FX]
  • 3:47 AM Randgold Resources (GOLD): Q4 EPS of $1.26 may not be comparable to consensus of $1.38. Raises annual dividend to $0.40/share from $0.18. Profit +323% to $136.2M, higher than annual profit in any preceding year. Forecasts output growth in each of the next 5 years, with 2012 seen at 825K-865K oz, +19% over 2011 at the lower end. (PR) Comment! [Earnings, Commodities]
  • 3:38 AM Sohu.com (SOHU): Q4 EPS of $1.36 beats by $0.10, Revenues of $246.2M (+42% Y/Y) in line. Guidance: Q1 EPS of $0.50-$0.55, may not be comparable to $1.06 consensus; revs of $219M-225M vs. $239.37M estimate. (PR) Comment! [Earnings, Tech, Consumer]
  • 3:24 AM GM (GM) is likely to report that 2011 net income jumped 70% to a record $8B when it releases its results in ten days time, the WSJ reports, with the firm's performance boosted by strength in N. America and China. GM aims to increase its profit margin from 6% to 10% over the next few years and earn an annual profit of over $10B. Comment! [Top Stories, Consumer, Earnings]
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ANALYSIS FOR MONDAY, FEB 6, 5:30AM ET

DIA 1.21%
IVV 1.43%
QQQ 1.39%
GLD -1.96%

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