• The Greek debt swap negotiations will drag through tonight, or into the weekend said EU Economic and Monetary Affairs Commissioner Rehn today. Participants are “close” according to officials. Investors were hoping for an announcement today. Newspaper reports suggest the average coupon rate on the swap will be 3.75%. From Bloomberg News.

• Ford Motor Company reported earnings of 20 cents per share in the 4th quarter versus 30 cents last year. Expectations were for 25 cents. The company is blaming rising commodity prices, unfavorable exchange rates and difficulties in Europe. From Reuters News.

• Spain’s unemployment rate rose to over 22%. Data released today showed joblessness rising by 295,300 to 5.27 million people, twice the euro zone average. The notorious collapse in construction jobs continues to plague the country. From the Wall Street Journal.
• Japan’s retail sales rose 2.5% in December from the previous year. It was the biggest advance since August 2010 and exceed analyst expectations, as consumers show resilience around the globe. From Bloomberg News.