Greek cabinet approves austerity plan

Greece has taken another step closer to getting a second bailout. Its cabinet approved the austerity plan on Friday despite strikes by Greek workers protesting the plan.

Among economic data released on Friday, China reported a higher trade surplus for January as imports plunged 15.3 percent from a year earlier while exports declined 0.5 percent. The fall in both exports and imports could be signs of a slowing economy, although it should also be noted that the figures may have been distorted by the Chinese Lunar New Year.

In contrast, an increase in the US trade deficit in December probably reflected stronger economic growth. Exports increased 0.7 percent while imports increased 1.3 percent.

However, the Thomson Reuters/University of Michigan preliminary index of US consumer sentiment dropped to 72.5 in February from 75 in January.