FROM MORRISON SECURITIES PTY. LTD.:

U.S. STOCK MARKETS

U.S. stock indexes ended mixed Friday after a reading on domestic economic growth fell short of expectations, with the Dow recording its first losing week of 2012. The Dow Jones Industrial Average closed down 74.17 points, or 0.6%, to 12660.46. The Standard & Poor's 500 fell 2.1 points, or 0.2%, to 1316.33, while the Nasdaq Composite Index rose 11.27 points, or 0.4%, to 2816.55.

The Dow and the S&P, which spent nearly all day in the red, mounted late-day rallies that pared losses for blue chips and turned the broader index positive briefly, though both finished down. On the week, the S&P and the Nasdaq ended in positive territory for the fourth week in a row.

The nation's gross domestic product expanded at an annual rate of 2.8% from October to December. Though the data showed the U.S. economy expanded at the fastest pace since the second quarter of 2010, the reading fell short of the expected 3% rate. U.S. stocks seemingly shrugged off developments in Europe, both positive and negative, including reports that Greece was close to a debt restructuring deal with private creditors, and that Fitch downgraded the sovereign credit of Spain, Belgium and Italy.

The materials and health care sectors led the S&P while utilities and consumer staples lagged. Chevron fell the most among blue chips, down $2.63, or 2.5%, to $103.96 after the company announced refining profits fell in the fourth quarter.

Alcoa was the biggest gainer on the Dow, up 0.7%. In corporate news, Facebook could file as early as the coming week for an initial public offering that would raise $10 billion and value the company at $75 billion to $100 billion, with Morgan Stanley as the lead manager of the deal, The Wall Street Journal reported Friday afternoon. The news boosted shares of Morgan and Goldman Sachs late in the session; Goldman rose 3% and led all financial stocks on the S&P 500, while Morgan Stanley gained 2.3%.

EUROPEAN STOCK MARKETS
Jittery European stock markets edged lower Friday, ending the week on a down note, after U.S. growth data fell short of expectations.

The Stoxx 600 index fell 1% to 255.40 in a choppy market. Stocks headed firmly south after seesawing between small gains and losses in midday trade, when numbers showed that the U.S. economy grew 2.8% in the final three months of 2011, missing analysts' expectations.

Expectations were on the rise for Greece and private creditors to soon wrap up talks on voluntary write-downs on Greek government debt. The Athens General Index fell 2.7% to 745.67, with National Bank of Greece SA down 3.2% and Coca-Cola Hellenic Bottling Co. SA off more than 6%.

Italian debt markets also gave some short-term support to the markets in early trade Friday, with the Italian government selling its full target of EUR11 billion of short-term debt at lower borrowing costs. In London, shares of heavyweight BP PLC, down 2.6%, weighed on the market after a ruling by a U.S. federal judge on Thursday said oil-service firm Transocean Ltd.'s contract with BP won't require it to pay compensatory damages linked to the 2010 Gulf of Mexico oil spill.

Royal Dutch Shell PLC fell 1.6% and BG Group PLC was down 2.7%. Shares of Rio Tinto PLC fell 2.1% and BHP Billiton PLC fell 1.1%, pushing the FTSE 100 index 1.1% lower to 5,733.45 in London. Heavyweight oil group Total SA fell 1.2% in Paris, helping drag the French CAC 40 index 1.3% lower at 3,318.76.

French banks also contributed to a gloomy mood. Credit Agricole SA and BNP Paribas SA were both downgraded at J.P. Morgan Cazenove. Credit Agricole shares were off 1.6%, while BNP shed 3.3%. In Germany, the DAX 30 index edged 0.4% lower to 6,511.98.

ASIA-PACIFIC MARKETS
Most Asian markets climbed Friday, adding to weekly gains. Much of the buying in the region was tempered by caution over Greece's debt restructuring talks and mixed earnings reports, however, with Japanese equities hurt by grim earnings reports from Nintendo Co. and NEC Corp.

The Nikkei Stock Average slipped 0.1% to 8,841.22 in Tokyo, while Hong Kong's Hang Seng Index added 0.3% to 20,501.67, its sixth straight day of gains led by banking and telecommunication shares, and South Korea's Kospi climbed 0.4% to 1,964.83. The day's performance allowed the stock benchmarks in Tokyo, Seoul, and Hong Kong to end the week with a net gain of 0.9%, 0.8%, and 2%, respectively.

Mainland Chinese and Taiwanese markets remained shut for a holiday. Several resource-sector shares advanced in the region after the Fed's signals on interest rates midweek weakened the U.S. dollar and spurred commodity prices.

Inpex Corp. added 2.9% and Sumitomo Metal Mining advanced 2.5% in Tokyo, Korea Zinc Co. rose 0.7%, and in Hong Kong, Zhaojin Mining Industry climbed 1.2%. In Tokyo, NEC tumbled 7.1% after issuing a poor fiscal-year earnings outlook and Nintendo sank 4.9% after weak results.

Memory chip maker Elpida Memory also skidded 7.1% after the Nikkei reported that the firm is expected to post a Y90 billion ($1.17 billion) operating loss in the nine months to the end of December. In Hong Kong, property developers declined after recent gains, with China Overseas Land & Investment dropping 3.4% and Cheung Kong Holdings declining 2.1%. Samsung Electronics rose 1.1% in Seoul after its fourth-quarter net profit rose 17% to KRW4 trillion ($3.57 billion), although the result fell short of analyst expectations. Shares of Hyundai Motor fell 3.5%, however, after its fourth-quarter results missed some analyst estimates.


COMMODITIES
Base metals closed mostly lower on the London Metal Exchange Friday as investors took profits after weaker-than-expected U.S. growth figures. Benchmark copper for three-month delivery ended the PM kerb at $8,520 a metric ton, down 0.8% on its previous close. Three-month aluminum closed 0.4% lower.

Gasoline futures surged to their highest level in five months Friday, even as crude-oil futures were little changed, after a key gasoline unit was taken off line at a New Jersey refinery.

The news sent front-month February reformulated gasoline blendstock, or RBOB, soaring to settle 8.02 cents, or 2.8%, higher at $2.9268 a gallon. That marks the contract's highest settlement since Aug. 31 up 5.4% on four straight sessions of gains.

Light, sweet crude for March delivery settled 14 cents, or 0.1%, lower at $99.56 a barrel on the New York Mercantile Exchange.

Brent crude on the ICE futures exchange settled up 67 cents, or 0.6%, at $111.46 a barrel. Gold ended the week at a fresh seven-week high as a weaker dollar and weaker-than-expected U.S. economic data offset sales from investors looking to lock in recent gains.

Gold for February delivery, the most active contract, rose $5.50, or 0.3%, to settle at $1,732.20 a troy ounce on the Comex division of the New York Mercantile Exchange.