Quick Overview

• (Bloomberg) -- The Federal Reserve refrained from increasing purchases of Treasuries and mortgage securities, saying that the economy is showing some signs of stability.

• U.S. Gross domestic product dropped at a 6.1% annual pace, weaker than forecast.
  

• Bloomberg reported the government's stress tests show that six of 19 financial institutions checked will need more capital.
  

• Germany real GDP will contract 6% in 2009. For 2010, they expect real GDP to be up 0.5%.
  

• Spain’s GDP fell 2.9%

• Japan’s industrial output rose 1.6%.

• Brazil cut rates to 10.25% from 11.25%
  
  

• The U.S. Department of Energy said:
  Supplies of crude oil rose 4.1 million barrels to 374.7 million barrels
  Supplies of gasoline fell 4.7 million barrels
  Supplies of heating oil rose 1.5 million barrels.
  Refinery use fell from 83.4% to 82.7%
  Gasoline demand fell 0.5% YoY.
  Distillate demand fell 10.5% YoY.

• The Buenos Aires Cereals Exchange pegged this year's soybean crop at just 1.249 billion bushels, down 184 million from USDA's latest estimate.