The First Look: Your 10-Second Guide To What Happened Overnight

Japan Geisha

Photo: ~ezs via Flickr

ASIA: Japan & China surged. Asia was otherwise weaker. Japanese GDP beat expectations, rising 3.9% year over year. The yen is also at 82.94 per U.S. dollar, a far weaker level than its been since early October.BHP (BHP) has given up its chase for Potash Corp (POT), and will implement a large buyback. Japan has said it expects China in accelerate exports of rare earths.

Chinese stocks were supported by research upgrades from firms such as JP Morgan and China Construction Bank denying a report that its lending to property developers had been halted.

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EUROPE: Is falling. Ireland is reportedly on the verge of accepting a bailout for its banks, but continues to refuse a bailout for its government. France’s labour minister who lead recent pension reform is not part of President Sarkozy’s new cabinet in his reshuffled government.

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MACRO: The U.S. dollar continues to rise. The Dollar Index is above 78, making it about flat for the year now. The euro continues to slip, and gold is back near $1,365.

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U.S. FUTURES: Are mixed. Watch for retail sales and the Empire State manufacturing survey at 8:30 AM ET, plus business inventories at 10:00 AM.

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