The FTSEurofirst 300 index finished lower by 1.5% at 1,052.53 points. The Dow Jones industrial average dropped 122.28 points, ending at 10,603.15. The Standard & Poor’s 500 Index fell 12.19 points, to close at 1,138.04. The Nasdaq Composite Index fell 29.15 points, to close at 2,291.25. The Nikkei gained 130.89 points to 10,868.41. The Topix also climbed 1.2 percent to 956.03.

Yesterday, the International Monetary Fund (IMF) MD Dominique Strauss-Kahn said the Eurozone would get through the turmoil caused by Greece’s debt crisis without falling apart. In the US on the economic front, housing starts fell 4% to a 557,000 unit annual rate in December. Economists expected a drop to around 572,000. Elsewhere, building permits beat forecasts and rose to a 653,000 unit annual rate last month from a 589,000 figure in November. In December the Producer Price Index increased by 0.2% after rising 1.8% in the previous month.
Due for release today is the CNY GDP q/y, CNY CPI y/y, USD Unemployment Claims, Philly Fed Manufacturing Index m/m and the CAD BOC Press Conference.

By Greg Secker

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