US indices were already declining overnight after a big earnings miss from Google impacted trader confidence, when Q4 US GDP results came in below expectations, sparking another wave of selling pressure against stocks. USD has been trending lower since about 8:00 EST continuing after the report while gold has been bouncing back. Note that the one bright spot of the report was personal consumption which suggests that the oil price crash may help to boost consumer spending into 2015. CAD, meanwhile has taken another dive lower after Canadian November GDP came in below expectations. This indicates that many traders see the shortfall as putting more pressure on the Bank of Canada to deliver another interest rate cut at its next meeting. Performance from other oil sensitive currencies has been mixed today. NOK has been bouncing back with Brent flat and WTI slightly higher on the day as Norwegian unemployment held steady. RUB is falling again as Russia’s central bank started to cut interest rates having apparently realized that last year’s steep rate hikes did nothing to help the currency and may have pushed the Russian economy into recession. There has been a ton of other economic news overnight. JPY has been gaining on a mixed bag of numbers from Japan. European indices are down slightly and EUR up slightly on positive signs out of the continent as German retail sales, Spanish GDP and Italian unemployment all were significantly better than expected. It’s the last day of a volatile month so we may see some position squaring for month-end reporting today. We also could see traders start to prepare and position for next week’s flood of monthly economic numbers running from manufacturing PMI through to nonfarm payrolls. Corporate News Google $6.88 vs street $7.12, sales $14.48B below street $14.74B $0.45 vs street $0.10, guides next Q sales to $20.9-$22.9B below street $23.0B Visa $2.53 vs street $2.49, plans 4 for 1 stock split MasterCard $0.69 vs street $0.67 Xerox $0.31 vs street $0.29, 12% dividend increase, guides next Q to $0.20-$0.22 below street $0.25 Costco $5.00 per share special dividend TransCanada US Senate passes Keystone XL bill but President Obama has threatened to veto it Canadian Oil Sands cash flow per share $0.43 vs street $0.41, cuts 2015 year CFPS guidance to $0.76 from $1.51, slashed dividend to $0.05 from $0.20, having already cut it from $0.35 Economic News Russia interest rate surprise 2.00% cut to 15.00% US Q4 GDP 2.6% vs street 3.0% vs previous 5.0% US Q4 personal consumption 4.3% vs street 4.0% vs previous 3.2% US core PCE inflation 1.1% as expected vs previous 1.4% US employment cost index 0.6% as expected Canada Nov GDP 1.9% vs street 2.1% Germany retail sales 4.0% vs street 3.6% Spain GDP 2.0% vs street 1.9% Spain consumer prices (1.4%) vs street (1.2%) Norway retail sales 0.2% vs street 0.3% Norway unemployment rate 3.1% as expected Italy unemployment rate 12.9% vs street 13.5% Eurozone unemployment rate 11.4% vs street 11.5% Eurozone consumer prices (0.6%) vs street (0.5%) Eurozone core CPI 0.6% vs street 0.7% Greece retail sales (1.6%) vs street 0.5% Japan unemployment rate 3.4% vs street 3.5% Japan consumer prices 2.4% vs street 2.3% Japan industrial production 0.3% as expected Japan housing starts (14.7%) vs street (14.8%) Japan construction orders 7.5% vs previous 16.9% NZ building permits (2.1%) vs previous 10.0% Australia producer prices 1.1% vs previous 1.2% Economic reports due later today include: 9:45 am EST US Chicago PMI street 57.5 10:00 am EST US consumer confidence street 98.2 8:00 pm EST Sat China manufacturing PMI street 50.2 8:00 pm EST Sat China non-manufacturing PMI previous 54.1 5:30 pm EST Sun Australia manufacturing PMI previous 46.9 8:35 pm EST Sun Japan manufacturing PMI previous 52.1