European equity futures fell and the Australian dollar slid amid a stalemate between regional policy makers and Greek bondholders over how to resolve the nation’s debt crisis. Indian stocks and copper climbed after India’s central bank unexpectedly cut the cash reserve ratio. Euro Stoxx 50 Index futures sank 0.7 percent as of 7:09 a.m. in London and Standard & Poor’s 500 Index futures lost 0.3 percent. The Australian dollar weakened against 15 of its 16 major counterparts. The BSE India Sensitive Index jumped 1.6 percent, copper climbed 0.1 percent and natural gas extended yesterday’s 7.8 percent surge. European finance ministers balked at putting up more public money for Greece, calling on bondholders to provide greater debt relief. The Reserve Bank of India reduced the cash reserve ratio to 5.5 percent, joining other emerging market nations in taking steps to boost growth. Markets in China, Hong Kong, South Korea and Singapore are shut for the Lunar New Year holiday. “After such a big run up in the last month or so, it wouldn’t surprise me to see markets correct a little bit,� Shane Oliver, Sydney-based head of investment strategy at AMP Capital Investors Ltd., which has almost $100 billion under management, said in a Bloomberg Television interview. “There’s still a lot of uncertainty around Europe and the Greek restructuring issue is still to be resolved.� About the same number of stocks rose and fell in the MSCI Asia Pacific Index, which has rallied 6.4 percent this year. The gauge trades at 12.7 times estimated profit, 24 percent less than the six-year average, data compiled by Bloomberg show. U.S. Earnings Apple Inc., McDonald’s Corp. and Johnson & Johnson are among U.S. companies scheduled to report quarterly results today. Earnings topped estimates at about 65 percent of the 52 companies in the S&P 500 that released results since Jan. 9, data compiled by Bloomberg show. The 10-year Treasury yield was little changed at 2.05 percent. The Federal Reserve begins a two-day policy meeting today after which it will provide forecasts for the benchmark interest rate for the first time. Data later today may show a euro-area composite index based on a survey of purchasing managers in both manufacturing and services industries rose to 48.5 this month from 48.3 in December, according to the median economist estimate from a Bloomberg survey before the report from Markit Economics is released. That would be the fifth monthly reading below 50, indicating contraction. Japan’s Economy The Nikkei 225 Stock Average rose 0.2 percent, paring an early rally of as much as 0.7 percent after the Bank of Japan cut its growth outlook. Governor Masaaki Shirakawa and fellow board members lowered the economic forecast to 2 percent from an October estimate of 2.2 percent for fiscal 2012. Elpida Memory Inc. (6665) advanced 4.6 percent for a sixth day of gains. The Japanese chipmaker is in talks with Micron Technology Inc. and Nanya Technology Corp. for a three-way merger, the Yomiuri newspaper reported, without saying where it got the information. Oil climbed 0.2 percent to $99.73 a barrel in electronic trading on the New York Mercantile Exchange. Gains in crude were limited as speculation U.S. supplies rose last week countered concern Iran will respond to a European ban on its crude exports by shutting the Strait of Hormuz. Natural gas rose a third day in New York after Chesapeake Energy Corp., the second-largest U.S. producer, said it will cut production and reduce spending. The contract surged 7.8 percent yesterday, rebounding from a 10-year low on Jan. 19. To contact the reporters on this story: Lynn Thomasson in Hong Kong at lthomasson@bloomberg.net; Yoshiaki Nohara in Tokyo at ynohara1@bloomberg.net To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net

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