Bloomberg:
- U.S. Anticipates Mosul Offensive With 20,000 Iraqi Troops. The U.S. and Iraq are planning a spring offensive to retake the city of Mosul that will require 20,000 to 25,000 Iraqi troops to defeat 1,000 to 2,000 Islamic State fighters, according to an official from U.S. Central Command. The main attack force of five Iraqi army brigades will need to be trained first by U.S. advisers, said the official, who spoke on condition of anonymity at a briefing Thursday to discuss military operations. The U.S. hasn’t ruled out delaying the offensive from a planned start in April or May if more time is required for training, most of which has yet to begin, the official said.
- Japan Stocks Climb as Oil Set for Weekly Loss With Gold. Japan’s Nikkei 225 Stock Average extended gains from a 15-year high. Oil headed for its first weekly loss in a month as record U.S. supplies reinforced concern over a glut, and nickel slipped. The Nikkei 225 added 0.3 percent by 12:25 p.m. in Tokyo, while the broader Topix index headed for a fifth straight weekly gain as the cost of insuring Japanese corporate debt held near a three-month low.
- Nickel Extends Decline From 12-Month Low as Surplus Seen Wider. Nickel fell for a second day, extending declines from the lowest close in a year, as data showed the metal’s global oversupply widened. Nickel was in a surplus of 12,700 metric tons in December, widening from 6,500 tons the previous month, according to International Nickel Study Group data released Friday. Supply outpaced demand last year by 94,300 tons, down 47 percent from a surplus of 178,000 tons in 2013. Goldman Sachs Group Inc. and Australia & New Zealand Banking Group Ltd. forecast prices will rise later this year once the market falls into deficit as global ore supplies tighten as a result of Indonesia’s ban last year on unprocessed minerals.
- As Retreating Soldiers Pour In, Ukraine Town Fears Fighting Will Follow. Russia-backed rebels fled last summer, but now have Ukrainian troops on the run. Residents of this winemaking and salt-mining town thought they had seen the last of Russia-backed separatists last summer when Ukrainian forces drove them out with barely a shot fired. But after Ukrainian troops retreating from Debaltseve, some 25 miles southeast, flooded
- Diet Experts Push More Plants, Less Meat in Nod to Environment. Nutrition panel also makes recommendations on coffee, cholesterol consumption. U.S. dietary guidelines, the government’s benchmark for balanced nutrition, have long advised Americans to eat dark, leafy greens. Now, there is another way the standards could be going green. A panel of nutrition experts recruited by the Obama administration to help craft the next.
- YouTube to Release New App For Kids. Service will be introduced Monday at children’s entertainment industry conference. Already popular among teens, YouTube is releasing a new app for kids. The new app from Google Inc.’s online video service will run on smartphones and tablets and could feature original episodes of popular television shows for preschoolers as well as content from the many kid-safe channels already featured on YouTube.
- Oil-Drop Pain Spreads to Saudi Arabia’s Energy Behemoth. Aramco looks for cut costs, asking oil-services providers for deals; pushing for a phone-bill discount. Saudi Arabia’s refusal late last year to rein in oil production helped trigger the price crash that has hurt oil-producing countries and publicly listed energy companies alike. And now even the kingdom’s own oil company is feeling the pain.
- An Administration Adrift on Denial. Why won’t the president think clearly about the nature of the Islamic State? Great essays tell big truths. A deeply reported piece in next month’s Atlantic magazine does precisely that, and in a way devastating to the Obama administration’s thinking on ISIS.
- Rebel takeover of eastern Ukraine city raises questions about cease-fire, Putin’s intentions. (video) The Ukrainian military’s withdrawal from a key eastern city – leaving Russia-backed rebels to roam the streets in celebration – has raised questions about a newly struck cease-fire and Vladimir Putin’s ultimate intentions. The city of Debaltseve effectively fell to rebel fighters days after the cease-fire was signed last week with the heavy involvement of European leaders. That deal may have eased, for now, any consideration by the Obama administration of arming the Ukrainian military.
Business Insider:
Reuters:
- Los Angeles hospital warns 179 patients possibly exposed to 'superbug'. A large Los Angeles teaching hospital has told scores of patients they may have been exposed to a drug-resistant bacterial "superbug" during endoscopy procedures that infected seven patients and contributed to two deaths.
- Nordstrom(JWN) profit falls due to higher investments, discounts. Upscale department store operator Nordstrom Inc reported a lower-than-expected quarterly profit as it spent more on technology upgrades and store expansion, and increased discounts at its Rack brand stores in the holiday shopping season. The company, which bought Chicago-based Trunk Club in August to gain market share in men's' clothing and to boost its online business, also forecast 2015 profit of $3.65 to $3.80 per share and sales growth of 7 to 9 percent.
- Noodles & Co's(NDLS) 2015 adjusted profit forecast misses estimates. Fast-casual restaurant chain operator Noodles & Co forecast 2015 adjusted profit that missed analysts' estimates, sending its shares down 25 percent in after-market trading. The company said it expected 2015 adjusted profit to rise about 20 percent, implying a profit of 46 cents per share.
- Greece defiant as Germany tears up last-ditch EMU compromise on austerity. 'There is no macro-economic argument for further fiscal tightening. The only reason for doing so is on punitive grounds,' says Greece's Yanis Varoufakis.
- None of note
- Asian equity indices are -.50% to +.50% on average.
- Asia Ex-Japan Investment Grade CDS Index 103.5 +.25 basis point.
- Asia Pacific Sovereign CDS Index 65.25 -.5 basis point.
- S&P 500 futures -.05%.
- NASDAQ 100 futures +.02%.
Earnings of Note
Company/Estimate
- (B)/.61
- (COG)/.22
- (DE)/.82
- (LH)/1.64
- (WLH)/.52
9:45 am EST
- Preliminary February Markit US Manufacturing PMI is estimated to fall to 53.6 versus 53.9 in January.
- None of note
- The Eurozone PMI report could also impact trading today.
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