Overnight Developments - March 10, 2011

Some information that may affect the market:

1. Japan GDP shrinks a greater than expected 1.3% last quarter.

2. China reports a $7.3b trade deficit, its highest in 7 years.

3. Spain downgraded by Moody's, outlook negative.

Of course, everyone is awaiting today's jobless report, at 8:30 am ET.