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Good morning. Here’s what you need to know.
- Asian markets were mixed in overnight trading with the Shanghai Composite down 0.79 per cent. The Nikkei was up 1.28 per cent after positive Chinese data boosted stocks with exposure to the country. Europe is mixed and U.S. futures are modestly lower. Apple is expected to weigh on the Nasdaq after its earnings report.
- China HSBC flash manufacturing PMI climbed to a 24-month high of 51.9 in January, beating expectations. The sub-indices like new export orders and employment also showed improvement. The $2.1 trillion powder keg near the heart of the Chinese financial system >
- In Europe, French flash manufacturing PMI fell to 42.9 in January, and the composite output index declined to 42.7, showing deeper contraction. Meanwhile, German manufacturing PMI climbed to 48.8, but remained below the contractionary reading of 50. The composite output index however climbed to 53.6.
- Initial jobless claims fell to a five-year low of 330K. Meanwhile, U.S. flash PMI unexpectedly climbed to 56.1 >
- Apple shares are down over 9 per cent in pre-market trading after yesterday’s earnings report. iPhone sales disappointed, coming in at 47.8 million, against expectations of 50 million. iPad and Mac sales also missed expectations, though iPod sales came in higher. The tech giant reported earnings of $13.81 per share, on revenue of $54.5 billion. Nomura: Apple could go as low as $336 >
- Netflix also reported earnings after the closing bell yesterday. The company beat expectations reporting earnings of $0.13 per share, on revenue of $945 million. It added almost 10 million global streaming members in 2012, raising its total global streaming subscribers to over 33 million. The earnings guidance also beat estimates and its stock is up a whopping 37.01 per cent in pre-market trading. Here’s what America’s biggest companies are telling us about the global economy >
- Japanese exports fell 5.8 per cent in the year to December, and imports were up 1.9 per cent. The trade deficit came in at ¥641.5 billion. 2012 however saw a record trade deficit of ¥6.93 trillion.
- Spain’s Institute of National Statistics put Q4 youth unemployment, defined as those under the age of 25, at 59.8 per cent. Spain’s unemployment rate climbed to 26 per cent in the fourth quarter, with 5.97 million out of work.
- Kansas City Fed manufacturing index for January is out at 11 a.m ET. Analysts polled by Bloomberg are looking for the manufacturing index to rise to 2. Follow the release at Business Insider >
- Lockheed Martin reported fourth quarter earnings of $1.73 per share, missing expectations. It issued better than expected full-year earnings guidance from continuing operations of $8.60 – $9.10 per share. Microsoft is expected to report earnings of $0.75 per share. Deutsche Bank: These are the 30 best stocks right now >
- Bonus – Tiger Woods is reportedly dating Olympic skier Lindsey Vonn and is thinking of getting married again.
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