With US exchanges closed today for the Martin Luther King holiday, trading in North America and Europe has been relatively quiet. Indices traded flat to slightly lower, with the soft China data which dragged on Asia Pacific indices yesterday offset by Moody’s upgrade of Ireland’s credit rating. Concerns that even though China appears to have stabilized, it may not grow as quickly in the future as it did in the past has dragged down crude oil and copper as traders fret about what a slower China means for resource demand. The big decliner on the day though has been natural gas despite colder air moving into consuming regions. This suggests that the seasonal rally may have passed its peak already and traders may be starting to look past home heating season. There’s not a lot of news out today to move the markets, but the New Zealand inflation report could attract some attention. The RBNZ has been threatening to raise interest rates this year and inflation, particularly any insights into house prices, may give an indication of how much pressure the central bank is under to move sooner rather than later. Corporate News BlackBerry rallied 8.2% and was up over 10% at one point during the day on indications that the US Department of Defense indicated that Blackberries will continue to supported on its networks with a dominant share. This suggests that company’s renewed focus on business and defense users may get traction. Economic News Significant announcements released overnight include: UK rightmove house prices 6.3% vs previous 5.4% Italy industrial orders 3.0% vs street 1.5% There were no major announcements in the US today due to the Martin Luther King holiday. Upcoming significant announcements include: 8:45 am AEDT NZ consumer prices street 1.5% 10:00 am GMT Germany ZEW current street 35.0 vs previous 32.4 10:00 am GMT Germany ZEW expectations street 64.0 vs previous 62.0 12:00 pm GMT Turkey interest rate decision 4.50% no change expected 1:00 pm GMT Hungary interest rate decision 0.10% cut to 2.90% expected 9:30 am EST IMF World Economic Outlook

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