Week Ahead Market Report: 2/8/2010
Monday, February 8, 10:26 AM ET

Good morning, I’m KRISTIN BIANCO, with the “Week Ahead Market Report” for February 8, 2010.

In overseas equity markets this morning, major Asian markets were down. Japan’s Nikkei 225 index fell 1.1 percent today while China’s Shanghai Shenzen index dropped 0.1 percent. Hong Kong’s Hang Seng was lower by 0.6 percent.

European equity markets were flat on Monday. The German DAX index rose 0.1 percent. Britain’s Footsie 100 index edged up 0.1 percent.

U.S. stock futures are flat in Monday’s pre-market action.

Oil futures are marginally higher, with the March contract at about $71.60 a barrel this morning.

The price of gold is flat, trading just over $1,065 an ounce.

On the economic front, international trade data for the month of December will be released on Wednesday. Economists expect the U.S. trade deficit fell from $36.4 billion in November to $35 billion in December.

Another potential market moving release on Wednesday will be the Treasury Department’s budget deficit for January. Expectations are for $60 billion in red ink.

On Friday, the University of Michigan Survey of Consumer sentiment is expected to rise to 74.8 in February. It would be a slight increase from January’s reading of 74.4. A higher index value means consumers are more confident and more likely to spend income, boosting economic growth.

Over the weekend at the G-7 meeting of financial ministers, European Union officials declared they were 'aggressively monitoring' the Greek situation. Greece is facing a crisis of public debt that has damaged the value of the euro over the past weeks.

Ben Bernanke will testify before the House of Representatives Financial Services Committee this week to talk about how the Fed intends to wind down its balance sheet.

This week will see some 470 companies reporting earnings.

On Monday, CVS Caremark (NYSE:CVS) will announce results. Analysts are expecting profits of 78 cents per share.

On Tuesday, Walt Disney (NYSE:DIS) will release earnings. Current consensus estimates are 39 cents per share.

Also on Tuesday, Coca-Cola (NYSE:KO) is expected to announce 66 cents per share in profits.

On Wednesday, Prudential (NYSE:PRU) is scheduled to report results. Analysts are calling for earnings of $1.11 per share.

Reporting on Thursday is media giant Pepsico (NYSE:PEP). Consensus estimates call for profits of 90 cents per share.

Fast food retailer Chipotle (NYSE:CMG) will also report earnings on Thursday. Analysts expect 79 cents a share for the fourth quarter.

Join us on Friday for the “Weekly Market Wrap” and have a wonderful week.