Breakfast Bites; Stocks trading in positive territory this morning after Greek lawmakers approved austerity plans to secure rescue funds. The passage of the austerity bill now highlights a February 15th meeting of euro area finance committee ministers who must decide whether to approve a second bailout.
- Italy met its target at an auction today, selling 12 billion euros of bills as borrowing costs fell
- More than 50 companies in the S&P 500 are scheduled to report this week. Per share profits have topped analyst estimates at 70% of the 331 companies that have released results since Jan 9th.
- Japan's economy contracted more than expected in Q4, with GDP falling a quarterly 0.6% and an annualized 2.3%. This puts the Bank of Japan, which kicked off a two-day rate review today, in a bind. Further easing can't be ruled out, but positive developments in Greece and a recent yen pullback could make it hard to justify.
- President Obama will submit his fiscal budget proposal for 2013. It is expected to raise taxes for the wealthy and pledge investment in infrastructure projects to create jobs.