Here are the five things you need to know before markets open:
- There has been a conclusion to the German Crisis in Europe, with Greece being bailed out by the IMF and EU. The move sees Germany win in a standoff to make sure the EU didn’t have to control the entire bailout.
- GDP has been revised downward from 5.9% to 5.6 % for Q4 2009. Economists expected the revision to be downward, but only to 5.8%. This has led to Gold ($3.60) and Crude ($.56) are rising on these numbers.
- The government’s update to the mortgage plan calls for a principle write down of housing assets for individuals over a three year period. Incentives are being provided to banks to do this, but there is some scepticism about how it will force banks to make these write downs.
- The Man Group is looking to acquire another hedge fund for the purpose of diversifying its profile. Targeted are SAC Capital and Millennium, because of their expertise in the long/short equity space.
- Apple executives have moved to sell over 1 million shares of stock over the past two days. The iPad launches next week.