Good morning. Here’s what you need to know.
- Asian markets were mostly higher in overnight trading with Shanghai Composite up 0.75 per cent. Europe is lower after Greece secured its second bailout, and U.S. futures are moderately higher.
- After weeks of wrangling, European finance ministers agreed on a €130 billion bailout for Greece, with the aim of bringing its debt-to-GDP ratio down to 120 per cent of GDP by 2020. Bondholders will now have to take a 53.3 per cent loss on their holdings, up from 50 per cent. Don’t Miss: SocGen explains why the markets aren’t excited about the Greek news >
- The Spanish Treasury sold €1.7 billion of a three-month treasury bill, and €764 million of a six-month bill. Yields on both fell today, after Greece got its second bailout package, and the sale was at the top end of its target.
- In earnings news, Home Depot reported Q4 net income of $0.50 per share, on revenue of $16.01 billion. It has planned a $3.5 billion share buyback in 2012. Meanwhile, Kraft posted Q4 operating earnings of $0.57 per share in line with estimates, on revenue of $14.7 billion. Don’t Miss: SocGen identifies the 40 best dividend stocks in the world >
- American engineering company URS Corp is buying Canadian Flint Energy Services for $1.25 billion in cash. URS Corp is looking to expand its presence in the oil and gas sector, and will take on C$225 million in Flint’s debt.
- In tech news, Twitter partnered with Google’s Russian competitor Yandex, to include tweets in its search results. While Twitter and Yandex did not declare the financial details of their agreement, Microsoft paid $30 million for its deal with Twitter.
- Wal-Mart reported Q4 earnings of $1.51 per share, on revenue of $122.3 billion. Earnings did however include $0.07 from certain tax matters and real estate transactions. For fiscal 2013, it expects earnings from continuing operations to range between $4.72 and $4.92 per share. JPMorgan: These are the 28 best stocks for 2012 >
- Mexico and the U.S. signed a landmark agreement on Monday that would allow U.S. firms and Mexican oil monopoly Pemex, to drill in a formerly disputed area of the Gulf of Mexico. The agreement lifts a moratorium on exploration and production in about 1.5 million acres in the Gulf.
- The UK reported a budget surplus of £7.75 billion in January, compared with £5.2 billion a year ago. This was the UK’s highest budget surplus in four years. Chancellor George Osborne has been pushing a fiscal squeeze to cut the budget deficit.
- Indian consumer price inflation came in at 7.65 per cent in January. Meanwhile, wholesale price index eased to 6.55 per cent, its slowest increase since November 2009. India’s central bank said last month that it was willing to cut interest rates to stimulate the economy if inflation showed a sustained decline.
- BONUS – Jennifer Lopez was seen at Brazil’s Carnival and was sponsored by Brazilian beer company Brahma.
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