• The preliminary HSBC China Manufacturing PMI rose only slightly to 48.8, versus s 48.7 in December. The level still indicates contraction in manufacturing. The news, combined with better than expected deficit data from last year showing fiscal revenue growth of 24.8%, suggests that Chinese officials have more room for stimulative measures. From the Wall Street Journal.
• Google missed estimates last night as foreign exchange translation and increased expenses negatively impacted earnings. Core search advertising saw negative pricing impact, also. Net profit was $9.50 a share. Analysts were looking for $10.49. Google has rarely missed targets. From the New York Times.
• Greece began meeting with a delegation of international auditors today as it continues to negotiate with private bond holders to restructure debt. Representatives from the European Commission, the IMF, and the ECB will focus on structural changes in Greece necessary to support a new financial bail out plan. Negotiations with private creditors are rumored to be wrapping up. The scramble continues to meet the March 20th deadline when $14.5 B euros of Greek debt comes due. From the Wall Street Journal.