Asian markets dropped last night

<p>- Asian markets dropped last night and reached a three-week closing low. This is mostly due to the disappointment following the Bank of Japan’s inflation […]</p>

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- Asian markets dropped last night and reached a three-week closing low. This is mostly due to the disappointment following the Bank of Japan’s inflation and asset purchase decisions which came below the expectations. The Japanese index declined by 2.1%.

- Moving to the US, Google shares were up 5% last night in the after-hours trading after the company reported a fourth-quarter net profit of 2.89 billion dollars.

- In Europe, FTSE rose to 0.3% at 6196 just after 8am. Among the biggest gainers were Unilever, United Utilities Group and Randgold Resources. German Dax moved up by 0.1% to 7700.64.

- In the UK, Hilco who is a restructuring specialist, has taken control of the troubled music and DVD retailer HMV and bought its debt from Lloyds and RBS.

- Further, government borrowing increased in December leading to plans for further spending cuts.

- The euro has weakened against sterling this morning after UK Prime Minister David Cameron delivered the speech on the UK’s relationship with the European Union. Following this mornings announcements, unemployment rate in the UK fell to 7.7%. The number of people claiming unemployment benefits also decreased during the previous month.

- Later on today we are expecting the Interest Rate decisions from Bank of Canada as well as the Euro Zone consumer sentiment report, both out at 3pm UK time.

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