But it's not all good news for the US economy. Separate data suggests(error in speaking)  consumer confidence took an unexpected dip in January. It fell sharply to its lowest level in more than a year. The fall coincided with rises in income and payroll  taxes. 

 

France's Labor Minister has caused a political storm by describing the country as “totally bankrupt”. Now he later back tracked, saying he was speaking about the past and it was all a joke.

 

The Finance Minister was quick to label the comment as inappropriate. French President Francois Hollande  has promised to reduce the country's deficit to below three per cent of output by the end of the year.

 

Let's go to the markets.

 

The Dow and the S&P 500 both rose about half a per cent. The Nasdaq was steady, though. And in London overnight, the FTSE was up 45 points. 

 

To commodity prices.

 

West Texas Crude is trading at 98 US dollars a barrel. Tapis Crude is 121 US dollars a barrel and gold is worth 1663 US dollars an ounce.

 

The Australian dollar is buying 105 US cents, 78 Euro cents and 66 pence sterling.