Good Morning. Here’s what you need to know:
- Asian indices were mixed in overnight trading with the Shanghai Composite down 0.92% and the Nikkei up 0.06%. Major European indices are down and U.S. futures are slightly down. Now, here are the 10 unusual stocks attracting huge interest this morning >
- People’s Bank of China increased its reserve-requirement ratio by 0.5%, the second increase this year. Click here to see 17 facts about China that will blow your mind >
- Moodys has downgraded the ratings of German banks’ subordinated debt securities valued at $33 billion over concerns that new legislation will reduce government support for the securities and increase the risk of losses among debt holders.
- Ford Motor Co. is teaming up with Russian automobile company Sollers to make and distribute cars in Russia. Both companies will have equal stakes in the joint venture called Ford Sollers and expect to begin operations by the year’s end.
- SunPower announced 4Q earnings of $152.25 million. The company’s shares were up in after hours trading. Check out a a former BP exec’s guide to peak oil >
- Investors have put in bids for $22 billion worth of contingent capital bonds (cococs) issued by Credit Suisse, 11 times the $2 billion that was on offer by the bank. These function as stocks at a stipulated level of financial stress giving banks a credit boost when they’re struggling. Barclays is now considering issuing the bonds as well.
- The SEC is investigating mutual funds that it believes overstated the value of risky municipal bonds.
- The White House will announce Intel CEO Paul Otellini to the President’s Council on Jobs and Competitiveness today.
- The finance ministers of G20 nations are meeting in Paris today to delineate global economic imbalances. Japan doesn’t expect to reach an agreement while the Germans insist on establishing a full list of indicators.
- Unrest continues in the Middle-East with Bahrain’s military taking control of the capital. 5 have now been killed and 230 injured during protests. In Libya security forces opened fire on protestors killing 24. See here for a simple explanation of why the Mideast is doomed to crisis after crisis >
- SILVER is having another huge morning.
- BONUS – Amanda Seyfried and Ryan Phillippe have split up after 3 months of dating.