09:15 am : S&P futures vs fair value: -1.60. Nasdaq futures vs fair value: -1.30.  A firmer dollar has created a bit of a headwind for stock futures, which currently point to a rather flat start after markets made a strong showing in the previous session. The greenback's early gain, currently 0.3% against competing currencies, has come amid conflicting headlines regarding a possible move by Germany to lead loan guarantees to Greece and other European nations that currently face fiscal challenges. While Greece's economic health may not have a direct impact on the U.S. economy, weakness in the country's financial health could spill into more major European economies and, as a result, slow the global recovery process. In turn, headlines on the matter will remain the primary focus of market participants, especially in the absence of any other major corporate reports or economic releases.

09:00 am : S&P futures vs fair value: -0.80. Nasdaq futures vs fair value: +1.00.  Europe's major bourses have surrendered a chunk of their recent gains in the wake of back-and-forth comments about a possible Germany-led plan to offer loan guarantees to Greece. Germany's DAX is currently up 1.0% after it had been up as much as 1.7%. Deutsche Bank (DB) is a primary leader for the second straight session. In France, the CAC has pulled back to trade with a 0.9% gain after it had been up as much as 1.7%, but BNP Paribas continues to trade sharply higher in its best single-session percentage advance in more than two months. However, ArcelorMittal (MT) is a laggard after it posted its latest quarterly results, which featured a double-digit drop in its top line. Britain's FTSE has come down from a 1.4% gain to trade with a more moderate gain of 0.7%. Banking issues, like those of HSBC (HBC), Barclays (BCS), and Lloyds Group (LYG), make up the primary leaders in the index. BHP Billiton (BHP) is up modestly after it reported better-than-expected earnings. In economic news, reports indicate that manufacturing output in December grew by 0.9% from an upwardly revised 0.2% in November. The latest numbers were better than expected. However, separate reports indicate that the Bank of England said that the pace of recovery in the U.K. economy is slower than it previously forecast, impeded by tight credit and the need to repair public and private balance sheets. In Asia, the MSCI Asia Pacific Index made a modest gain of 0.3%, as did Japan's Nikkei. Honda Motor (HMC) slipped on plans to recall more cars to replace an airbag deflator. However, Nissan Motor (NSANY) advanced after it reported a return to quarterly profit and lifted its forecast once more. In economic news, Japan's core machinery orders during December increased a stronger-than-expected 20.1%. Meanwhile, Hong Kong's Hang Seng concluded its session at a high point with a 0.7% gain. China Life (LFC), Ping An, and China Taiping Insurance each outperformed. In mainland China, the Shanghai Composite closed with a 1.1% gain. The move was helped by comments from a central bank governor about price pressures and the pace of lending that eased concerns over policy tightening. As for economic data, a 21% spike in exports during January was influenced by the timing of the lunar holiday, but still in-line with expectations.

08:30 am : S&P futures vs fair value: -1.10. Nasdaq futures vs fair value: +1.50.  The U.S. trade balance for December was just released and it showed a $40.2 billion deficit, which is deeper than the $35.8 billion deficit that many had forecast. The latest trade balance marked a move lower the November deficit of $36.4 billion. In other economic news, Fed Chairman Bernanke's testimony to the House Financial Services Committee about unwinding emergency liquidity programs has been postponed, but his prepared remarks will still be released at 10:00 AM ET this morning. As for other announcements scheduled for today, results from a $25 billion auction of 10-year Notes are scheduled for 1:00 PM ET.

08:00 am : S&P futures vs fair value: -0.60. Nasdaq futures vs fair value: +1.30.  A recent spike by the dollar against competing currencies has undercut stock futures, which had earlier shown strength amid continued reports about a possible Germany-led plan to offer loan guarantees to Greece. Ongoing speculation over such a plan has helped the major European bourses push broadly higher, but Asia's major markets booked moderate gains.

06:29 am : S&P futures vs fair value: +1.40. Nasdaq futures vs fair value: +4.00.  

06:29 am : Nikkei...9963.99...+31.10...+0.30%. Hang Seng...19922.22...+131.90...+0.70%.

06:29 am : FTSE...5171.88...+60.00...+1.20%. DAX...5575.10...+76.80...+1.40%.

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