10 Things You Need To Know This Morning

Nicki Minaj Madonna MIA superbowl halftime showNicki Minaj, Madonna and MIA perform during the Bridgestone Super Bowl XLVI Halftime Show at Lucas Oil Stadium on February 5, 2012 in Indianapolis, Indiana.

Photo: Christopher Polk/Getty Images

Good morning. Here’s what you need to know.

  • Asian markets were mixed in overnight trading, with Japan’s Nikkei up 1.1 per cent. European shares are modestly lower while U.S. futures point to a negative open.
  • German manufacturing increased 1.7 per cent in December, outpacing expectations for a 1.0 per cent rise. In November, new orders had fallen an unexpected 4.9 per cent, worrying economists that Europe’s largest economy could see further weakness. Foreign orders jumped 4.3 per cent month-on-month in December, with sales surging 12.3 per cent outside of the eurozone.
  • Greek leaders have agreed to tentative plans for new austerity measures over the weekend, with cuts expected to total 1.5 per cent of GDP. However, politicians delayed today’s 5 a.m. EST deadline, as they hammer out details of the measures. Here’s who gets clobbered if Greece defaults >
  • U.S. federal and state governments are close to signing a deal with five of the nation’s largest banks that would end state probes of foreclosure abuse in exchange for write downs and charges. The deal, valued at $25 billion, would require banks to take mortgage write downs, offer homeowner assistance, and take cash penalties. Banks in the settlement include Bank of America, Ally Financial, Citigroup, J.P. Morgan Chase and Wells Fargo. The deadline for states to sign the plan is today. These are the 14 states where homeowners are drowning in negative equity >
  • The Indonesian economy expanded by 6.46 per cent in 2011, topping economist forecasts and accelerating from a 6.2 per cent surge in 2010. GDP grew at the fastest pace since 1996, even as neighbouring countries see demand slow as the global economy cools.
  • China has banned airlines from taking part in the E.U.’s carbon-emissions trading scheme. The Civil Aviation Administration of China said the program violates rules set out by the United Nations Climate Change Framework Convention and principles and provisions of the International Civil Aviation organisation.
  • On Saturday, Mitt Romney won the Nevada caucuses and solidified his lead in the Republican primaries. With 89 per cent of precincts reporting, Romney led with 49.7 per cent of the vote. Newt Gingrich took second with 21.4 per cent while Ron Paul was in third with 18.6 per cent of the vote. 
  • A new ABC News/Washington Post poll says 50 per cent of Americans approve of President Obama’s job performance, the highest reading since spring. Half of Americans say he deserves re-election, with the incumbent leading Mitt Romney 51 to 45 in the poll. 
  • The New York Giants beat the New England Patriots in Superbowl XLVI, with a final score of 21-17. The Giants led in the first, but trailed the Patriots through the final minute of the game, when Ahmad Bradshaw scored the final touchdown of the night. A hail mary pass by Tom Brady was unsuccessful in the last seconds. Take a look at what the Superbowl winner means to markets >
  • Earnings season continues today with Pioneer Natural Resources and Yum Brands reporting quarterly results. Analysts polled by Bloomberg forecast earnings per share of $1.03 and $0.74 for Pioneer and Yum, respectively. Here’s what we’ve already learned from the largest companies this earnings season >

Bonus: During the Superbowl halftime show, singer M.I.A. flipped the middle finger at NBC cameras.

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