Good morning,

Markets are called to open higher this morning.

The World Bank raised its global growth forecasts as a recovery in advanced economies tempers the impact of tighter monetary conditions on developing markets. The Federal Reserve releases its Beige Book business survey today, while Fed officials Charles Evans and Dennis Lockhart will speak. China’s broadest measure of new credit fell in December and Indian inflation slowed in December to a five-month low.

Wells Fargo

Wells Fargo & Co., the largest U.S. home lender, posted record fourth-quarter and full-year profit that was bolstered by expense cuts and one-time gains, raising concern among some analysts about the quality of the earnings. Net income advanced 10 percent for the quarter to $5.61 billion, or $1 a share, from $5.09 billion, or 91 cents, a year earlier, the San Francisco-based company said today in a statement. The average estimate of 33 analysts surveyed by Bloomberg, excluding some items, was 98 cents a share. For the full year, profit rose 16 percent to $21.9 billion.


• Casino 2013 Sales Below Ests., Hypermarket Vols. Improved

• Airbus CEO Open to Space Merger, Ready to Bid for Missile Maker

• Shell to Sell Some North Sea Assets in Next 2 Yrs: FT

• United Cancels $1.08 Billion of Airbus Orders in Fleet Shift

• Samsung Stake in CSR Being Sold in Narrowed Price Range: Terms

• Sabadell Lowered by Moody’s on Increase in ‘Problematic Assets’

• Villar Mir Says It Buys 19.3% of Inmobiliaria Colonial From RBS

• Deutsche Bank Suspends FX Trader in New York, Welt Reports

• EU Lawmakers Clinch Deal on Financial Market Rulebook Overhaul

• World Bank Raises Growth Forecasts as Richest Nations Strengthen

• Osborne to Say U.K. Needs to Renegotiate Position Within EU

• U.K. Lobbied in Brussels to Prevent EU Regulation on Shale Gas

• Hollande Seeks Franco-German Alliance as Energy Policies Shift

• Sobotka Sees No State Guarantees for $15b Nuclear Project

EARNINGS All times CET, estimates where available:

• Barry Callebaut (BARN SW) 8am, 1Q sales CHF1.5b

• Burberry (BRBY LN) 8am, 3Q sales/trading, Preview

• Chr Hansen (CHR DC) 8am, 1Q GAAP EPS EU0.25

• Diploma (DPLM LN) 8am, 1Q sales/trading

• Fenner (FENR LN) 8am, 1Q sales/trading

• Genel (GENL LN) 8am, IMS

• Hennes & Mauritz (HMB SS) 8am, Dec. sales

• Jupiter Fund Mgmt(JUP LN) 8am, IMS

• Partners Group (PGHN SW) 7am, 4Q sales/trading

• Taylor Wimpey (TW/ LN) 8am, 4Q sales/trading

• Tullow Oil (TLW LN) 8am, 4Q prod./trading

• Flughafen Zuerich/Aeroports de Paris/Fraport Dec. traffic

Good day and happy trading!

Kristian Camenzuli