Before the Bell: Futures Point to Higher Start

Wall Street markets fell about 1.2% Thursday and the dollar surged as Greece's debt was downgraded; jobless claims registered a surprising weekly gain; FedEx (FDX) issued a lackluster outlook.

Among stocks in the news this morning, Research in Motion (RIMM), Oracle (ORCL) and Nike (NKE) all reported surprising quarterly figures and forecast improved conditions. On the down side, Palm (PALM) disappointed investors. Boeing (BA), too, might feel the heat after negotiations to buy 200 planes with Ryanair (RYAAY) broke off.

Overseas, Asian stock markets followed Wall Street lower Friday amid recovery concerns. Japan's central bank held its key interest rate unchanged at 0.1%, as expected, to support a recovery in the world's No. 2 economy. Further, the bank said it was crucial for the country to beat deflation.

European indexes, on the other hand, rose. In Germany, a survey showed that business confidence increased for a ninth consecutive month in December as Europe's biggest economy continues to recover steadily from its worst recession in decades. Meanwhile, Greece faces its worst debt crisis in decades and its credit has been downgraded. Greek Finance Minister George Papaconstantinou on Friday said the country's tax system will be overhauled by early March to broaden the tax base, boost revenues and fight tax evasion as part of efforts to pull the country out of an economic crisis.

In other markets, oil prices rose above $73 a barrel Friday amid expectations OPEC plans to leave production levels unchanged at its meeting next week, as it has so far signaled. Traders are also looking for evidence demand for crude and its products is improving. The U.S. dollar fell against the Japanese yen and euro Friday afternoon in Asia, giving back some of the gains.

With no major economic news today, attention will also turn to the climate conference in Copenhagen to see if world leaders manage to find common ground and rescue a deal.