OREANDA-NEWS. January 18, 2012. The US indices inched up on Tuesday. Earlier gains were mostly erased closer to the end of the day as World Bank cut global 2012 growth forecast.  S&P 500 Index added 0.36% while Russell was up by 0.17% with Financials as laggards and Oil & Gas as the leaders (+0.78%). Citi report trailed estimates while Wells Fargo surprised to the upside. Fitch Director was quoted as saying that Greece was close to default. Statistics were positive – Empire State Manufacturing Index rose to 13.48 vs consensus forecast of 11.0.

Asian indices were mixed on Wednesday. Hang Seng added 0.02%. Japanese Nikkei was up by 0.99%, Korean Kospi - lost 0.02%. S&P/ASX 200 added 0.05%. Shanghai stock indices lost on average 1% as foreign direct investments fell 12.7% in December.

Construction Output for Europe, PPI, TICS and Industrial Production reports from the US will be in focus today.

Earnings season will go on with Goldman, Ebay reports in focus.