Monday morning headlines

No trading today: U.S,. markets are closed for the MLK holiday, as are government offices, banks and schools.

Calm response to downgrades: S&P's ratcheting down of debt ratings isn't causing much of a ruckus on European financial markets. The euro was also relatively steady. (AP)

Carnival take a hit: The cruise giant was the operator of the ship that ran aground off the coast of Italy, resulting in at least six deaths and up to $95 million in lost earnings. From the WSJ:

"There will, justifiably, be questions about the adequacy of management and emergency operational procedures on board which may have longer-term cost implications," said Wyn Ellis, an analyst at Numis Securities. The tragedy has happened at a "key point in the booking cycle," Mr. Ellis said. Cruise operators typically take bookings for the peak European summer holiday season several months in advance. While Mr. Ellis said he doesn't expect a long-term negative shift in demand, with history suggesting consumer confidence can recover quickly, analysts at Standard & Poor's said in a statement "there is the potential that this event could weigh on booking trends across other cruise brands."

"VIP" loans linked to local congressmen: Buck McKeon and Elton Gallegly are on a list of lawmakers who received special loans through Countrywide, though they deny any knowledge of being given special consideration by the failed mortgage giant. From the NYT:

A spokeswoman for Mr. McKeon described the lawmaker as "shocked and angry" upon hearing that his loan, worth $315,000, had come up in the investigation. "He had no knowledge of the Friends of Angelo designation," said the spokeswoman, Alissa McCurley. Mr. McKeon, who is chairman of the House Armed Services Committee, "has never met or spoken to Angelo Mozilo," Ms. McCurley said. "Mr. McKeon is going back trying to figure out what Countrywide did to this loan 13 years ago."

Golden Globe results: "The Artist" and "The Descendants" are the big film winners at last night's awards ceremony. (THR)

Office market picking up: Fourth-quarter vacancy rates are 18.8 percent, down from its most recent peak of 19.1 percent. Rents are averaging $2.50 per square foot per month, down 6 cents from the end of 2010. From the LAT:

The market is still weak for landlords and is expected to stay that way for months, but the long slide appears to be over as companies grow more optimistic about their prospects, real estate brokers said. "People are confident in their businesses and are committing to new leases," said Joe Vargas, area leader at brokerage Cushman & Wakefield.

Disney's new marketing chief: Industry veteran Ricky Strauss will replace MT Carney, who resigned last week. (The Wrap)