China eyeing European investment

The tyranny of Valentine's Day has passed for another year. A good thing.

• European stocks are rising and U.S. stock index futures are pointing to early gains after the governor of the People's Bank of China said overnight that his country plans to streamline and expand investment in Europe. Zhou Xiaochuan also reiterated earlier comments by Chinese Premier Wen Jiabao that China will become more involved in efforts to solve the European debt crisis through the EFSF and ESM. The central bank governor's statements came during an exhibition on the euro in Beijing with European Commission President Jose Manuel Barroso and European Council President Herman Van Rompuy (soon you'll have billions of these little coins, everyone! Trillions even!). While no details were provided, the statements of support are likely to shore up confidence in the near-term even as European leaders' patience with Greece appears to be running out. Euro-zone finance ministers cancelled today's face-to-face talks on the 130-billion-euro bailout deal for Greece, saying they had yet to receive written pledges from the key Greek political party leaders that they would stick with promised austerity measures even in the event of new elections. An unnamed source from within Greek conservative leader Antonis Samaras' party tells Reuters that the lawmaker will send the needed letter of commitment within the day. Samaras is a strong critic of the austerity program and is likely to be elected the next prime minister.

• In the meantime, while Greek politicians jockey for position in a future that may or may not involve Brussels, China's pledge to Europe has investors leaning towards riskier assets, driving down the U.S. dollar and helping to prop up gold, oil and other industrial commodities. Oil is getting the added boost from an announcement that Iran has stopped oil exports to six European nations in retaliation for European Union sanctions. To be specific, Iran's English-language Press TV said "Iran cuts its oil exports to six European countries." Well, there you have it. The decision by Iran to halt exports to Europe pre-empts Europe's planned halt to imports starting July 1. But it also comes after oil shippers said they would stop hauling Iranian crude anywhere. It's kind of an "I broke up with you first" sort of scenario, the end result of which is that no one is getting any.

• And now Iran's Oil Ministry is denying those state media reports, saying that if any such decision is made, it will be announced by Iran's Supreme National Security Council.

• Another one of the reasons oil is a good story today is earnings from the likes of Cenovus and Talisman in Canada, and Devon Energy in the U.S.

• Gold is in focus today, too, with earnings from Agnico-Eagle, Kinross and Goldcorp.

• Lin-sanity is clearly linfectious because the market is now talking about the impact the New York Knick's breakout superstar Jeremy Lin will have on Madison Square Garden Co.'s stock. There is plenty to talk about here with regards to MSG: ad dollars, sponsorship bucks, rising viewership… all this and the guy has only played six games, none of them with the team's bona fide but injured stars.

•  Kellogg is carbing up. The company has agreed to buy Procter & Gamble's Pringles business for $2.7 billion in cash. The deal broadens Kellogg's international reach by giving it the world's "second largest player in savory snacks with $1.5 billion in sales across more than 140 countries." The snack business is one we need to take a closer look at. In fact, I think we ought to be taking a closer look at the intersection of two booming businesses: the fat-loss industry (whether through drugs, diet or the gym) and the fat-gain industry (snacks etc). Business Day AM will tackle this in a week-long special. Soon.

• I'm outta time.

Every morning Managing Editor Marty Cej writes a "chase note" to BNN's editorial staff listing the stories and events that will be in the spotlight that day. Click here to have it delivered to your inbox before the trading day begins.