U.S.

U.S. Stocks Trim Gains After Fitch Comments on U.K. Deficit, Greek Outlook U.S. stocks trimmed gains after Fitch Ratings said the U.K. needs to pledge further measures to rein in its budget deficit and the medium-term outlook for Greece is “cloudy.”

Wholesale Inventories in U.S. Unexpectedly Decline 0.8% in Sign of Demand Inventories at U.S. wholesalers unexpectedly fell in December following the biggest increase in more than five years, indicating distributors had trouble keeping up with demand.

Default Rate Declines to 0.3% as Seen in Junk Bond Yields: Credit Markets Investors in the lowest rated corporate bonds are looking past concern that worsening government finances will derail the economy, paying prices that imply the fastest drop in defaults in more than a decade.

McDonald's Worldwide January Sales Rise 2.6%, Topping Analysts' Estimates McDonald’s Corp., the world’s largest restaurant company, said global sales rose 2.6 percent in January, topping some analysts’ estimates, as demand in Asia and the U.K. countered a decline in the U.S.

Biogen Fourth-Quarter Profit Climbs on Sales of Tysabri Drug to Treat MS Biogen Idec Inc., the world’s largest maker of medicines for multiple sclerosis, said fourth-quarter profit jumped 48 percent, helped by higher sales of its fastest- growing drug, Tysabri.

Ford, Geely Said to Miss Feb. 14 Target for Volvo Sale Deal on Financing Ford Motor Co. and Zhejiang Geely Holding Group Co. are unlikely to sign a deal on the sale of the U.S. automaker’s Volvo unit by the start of the Lunar New Year on Feb. 14, said three people familiar with the negotiations.

Latin America

Brazil May Levy Tax on Ore Exports as Lobao Says He `Wants More' From Vale Brazil, the world’s second-biggest iron-ore exporter, may start taxing shipments of the steelmaking raw material as it seeks to lure investment in domestic steel plants, Energy and Mining Minister Edison Lobao said.

Venezuela's Chavez Declares National `Emergency' Over Electricity Crisis Venezuelan President Hugo Chavez declared a national emergency in the electricity sector as the country’s worst drought in 50 years dries up water supplies in hydroelectric dams.

Itau Unibanco's Profit Rises 72% After `More Aggressive' Lending Growth Itau Unibanco Holding SA, Brazil’s biggest bank by market value, said fourth-quarter profit rose 72 percent as the lender expanded its loan portfolio.

Bovespa Jumps as Rising Real Boosts Airlines, Global Deficit Concerns Ease Brazil stocks rose the most since December, extending the Bovespa index’s rebound from a three- month low, as a stronger currency boosted the nation’s biggest airlines and Itau Unibanco Holding SA said earnings surged.

Colombia's Peso Strengthens as Crude Oil Gains; Argentine Bonds Rebound Colombia’s peso climbed for a second day as the price of oil, the nation’s top export, climbed above $72 per barrel.

Brazil Soy Forecast Raised to 66.7 Million Tons After Rains, Ministry Says Soybean output in Brazil, the world’s largest grower after the U.S., will rise more than previously forecast this year as above-average rains help the flowering of the beans, the Agriculture Ministry said.

Exclusive

Greece Says Call for Help Would Send `Worst Signal' as Bond Yields Surge Greek Finance Minister George Papaconstantinou said he can’t call for outside aid as his government struggles to cut the European Union’s largest budget deficit.

Holders of Billions in Czar Bonds Sue to Recovery Kremlin's Paris Property The Russian government vowed to “defend our rights” after French holders of czarist bonds valued at as much as 100 billion euros ($137 billion) threatened to sue the Kremlin and seize property it owns in Paris.

Sugar Shortage May Turn Acute in Third Quarter on Demand From U.S., Mexico A global sugar shortage, which drove prices to the highest level in three decades, may peak in the third quarter this year on demand from the U.S., Mexico, India and Pakistan, according to U.S.-based Tropix Capital Management.

`Blind Pools' Lose Appeal as Ziman, Callahan Plan Real Estate IPO Comeback Richard Ziman and Timothy Callahan want to raise money in the equity market after selling their real estate companies for a combined $12 billion before the property crash. Investors may balk at bankrolling their return.

`Avatar' Triumphs in China as State-Backed `Confucius' Fails to Break Even A film about the Chinese philosopher Confucius was overwhelmed at the box office by News Corp.’s “Avatar,” grossing 97 million yuan ($14 million) in 2½ weeks on the mainland and failing to break even, its producer said.

Bankers' Stew Disguising CDO Scraps as Tasty Morsels: Book Excerpt Since its inception, the derivatives market has echoed the fairground hawkers’ call to “scream if you want to go faster.” Among the new derivatives, collateralized-debt obligations (CDOs) were particularly hot.