Morning market roundup: Apple CEO’s Millions, MF Global asks for Immunity

Here’s what’s important in the financial world right now:

China’s Trade Surplus: China ‘s surplus sharply expanded in December to $16.52 billion, surpassing expectations of $7.8 billion, according to the General Administration of Customs. Exports stayed strong, rising to 13.4 percent from the previous year after increasing to 13.8 percent in November. This beat estimates of a 12.5 percent rise. Imports didn’t fare as well. They rose 11.8 percent in December but came in lower than an 18 percent estimate and down from November’s 22.1 percent increase. Full-year numbers did see a narrowing trend for the Chinese trade gap.

(Related: Alcoa Reports First Earnings Loss Since 2009.)

Ratings: Fitch Rating’s Head of Global Sovereign Ratings David Riley sees a significant chance for Italy to receive a downgrade “in the absence of a credible financial firewall in Europe” reported MarketWatch. Speaking at Fitch’s European Credit Outlook conference, Riley added that Italy is “front line of the crisis” and that the euro’s future “would be decided at the gates of Rome.” Fitch also said that the euro zone will not break up and that the agency doesn’t see a collapse of the monetary union.

MF Global: Treasurer Edith O’Brien, who is a “person of interest” and is key to the ongoing search for the missing client money, is allegedly refusing to meet with the investigators. She has asked for immunity from prosecution, according to The New York Times. O’Brien has frequently testified as an expert in the protection of customer funds at futures firms at the Commodities Futures Trading Commission.

Apple Inc.: Chief Executive Tim Cook received compensation close to $378 million in 2011, widely exceeding former CEO Steve Job’s $1 annual salary. Cook’s pay was primarily comprised of a grant of restricted stock, which has been implemented to keep the CEO while the stock vests for the next 10 years.

[Editor’s note: the above is a cross post that originally appeared on Wall St. Cheat Sheet.]