Quick Overview

• European banks sitting on £16.3 trillion of toxic assets may suffer massive losses according to a confidential Brussels document.

• The U.S. trade deficit shrank 4.0% in December to $39.93 billion.
  

• The U.K.'s unemployment rate at 6.3%, up from 6.1% MoM.
  

• Canada’s exports fell 9.7% in December while imports fell 5.7%.
  

• China's trade plunged in January. YoY exports fell 17.5%, imports fell 43%.
  

• The Bank of England signaled it was prepared to take unconventional steps (printing) to boost the UK economy
  

• The U.S. Department of Energy said:
  Supplies of crude oil rose 4.7 million barrels last week to 350.8 million
  Supplies of gasoline fell 2.6 million barrels
  Supplies of heating oil fell 2.1 million barrels.
  Refinery use fell from 83.5% to 81.6%
  Gasoline demand rose 0.1% YoY
  Distillate demand fell 1.1% YoY
  

• Ruth Madoff, the wife of Bernard Madoff, withdrew $15.5 million from a Madoff brokerage firm before her husband's arrest.